J.P. Morgan wealth management subsidiaries, J.P. MorganSecurities LLC and JPMorgan Chase Bank N.A., will pay $267 million to settle charges that they failed to disclose conflicts of interest to clients. An SEC investigation found that the businesses preferred to invest clients in the firm’s own proprietary investment products without properly disclosing this preference. This preference impacted fundamental aspects of money management — asset allocation and selection of fund managers. In a parallel action, JP Morgan Chase Bank will pay an additional $40 million penalty to the Commodity Futures Trading Commission. SEC
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