Law360, New York (November 15, 2011, 3:50 PM ET) -- The Financial Industry Regulatory Authority on Tuesday ordered a JPMorgan Chase & Co. unit to reimburse clients $1.9 million and pay a $1.7 million fine over losses incurred from recommending unit investment trusts and floating-rate loan funds against customers' interests.
Between January 2007 and December 2008, Chase Investment Services Corp. brokers allegedly recommended the purchase of high-risk UITs and floating-rate loan funds to customers with little or no investment experience although the products were not suitable for the conservative investors, according to FINRA.
The agency alleges...
JPMorgan Unit Told To Pay $3.6M Over Risky Investments
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