CFTC Fines JPMorgan Unit Over Customer Funds

Law360, New York (September 9, 2009, 4:52 PM EDT) -- The U.S. Commodity Futures Trading Commission has imposed a $300,000 fine on the futures trading unit of investment bank JPMorgan Chase & Co. for allegedly failing to comply with rules governing the segregation of customer funds.

The CFTC announced the settled charges against JPMorgan Futures Inc. on Wednesday, saying the registered futures commission merchant failed to diligently supervise employees' handling of customer funds held in segregation.

JPMF allegedly drew on customer segregated funds “beyond its actual interest,” resulting in the commingling of customer funds with its...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.