JP Morgan Hong Kong
Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more



2025 Summits in Hong Kong & Singapore
Investment / Alternatives Summit - March / Oct / Nov
Investment Day - March / July / Sept / Oct / Nov
Private Wealth Summit - April / Oct / Nov
Family Office Summit - April / Oct / Nov
View Events | Register


This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $30 billion.











United States SEC Fines JP Morgan $151 Million for Multiple Failures Including Misleading Disclosures to Investors, Breach of Fiduciary Duty, Prohibiting Joint Transactions & Principal Trades and Providing Recommendations in Best Interest of Clients, 2 JP Morgan Units Fined are JP Morgan Securities & JP Morgan Investment Management

2nd November 2024 | Hong Kong

The United States Securities and Exchange Commission (SEC) has fined JP Morgan $151 million for multiple failures including misleading disclosures to investors, breach of fiduciary duty, prohibiting joint transactions & principal trades and providing recommendations in best interest of clients.  The 2 JP Morgan units fined are JP Morgan Securities & JP Morgan Investment Management.  United States SEC (31/10/24): “The Securities and Exchange Commission today charged J.P. Morgan Securities LLC (JPMS) and J.P. Morgan Investment Management Inc. (JPMIM) – both affiliates of JPMorgan Chase & Co. (JP Morgan) – in five separate enforcement actions for failures including misleading disclosures to investors, breach of fiduciary duty, prohibited joint transactions and principal trades, and failures to make recommendations in the best interest of customers.  Without admitting or denying the findings in the SEC’s orders, the two affiliates agreed to pay more than $151 million in combined civil penalties and voluntary payments to investors to resolve four of the ­actions. The SEC did not impose a penalty in one of the actions, taken against JPMS, because JPMS cooperated in the investigation and undertook remedial measures.”  See below for more info:

“ United States SEC Fines JP Morgan $151 Million for Multiple Failures Including Misleading Disclosures to Investors, Breach of Fiduciary Duty, Prohibiting Joint Transactions & Principal Trades and Providing Recommendations in Best Interest of Clients, 2 JP Morgan Units Fined are JP Morgan Securities & JP Morgan Investment Management “

 



- Article continues below -



Sign Up
Basic Member: $5 Monthly | $60 Yearly
Newsletter Daily 2 pm (Promo): $20 Monthly | $180 Yearly (FP: $680)


The 2025 Investment Day
Hong Kong | Singapore
March / July / Sept / Oct / Nov

Private Equity, Hedge Funds, Boutique Funds, Private Markets & more. Join 20+ CIOs & Senior investment team, with > 60% single family offices with $300 million AUM. Taking place in Hong Kong and in Singapore. Every March, July, Sept, Oct & Nov.
Visit | Register here


The 2025 Family Office Summit
10th April & 16th Oct Hong Kong St Regis | 17th April & 6th Nov Singapore Amara Sanctuary Resort

Join 80 single family offices & family office professionals in Hong Kong & Singapore
Links: 2025 Family Office Summit | Register here


2025 Investment / Alternatives Summit
March / Oct / Nov in Hong Kong & Singapore

Join leading asset managers, hedge funds, boutique funds, private equity, venture capital & real estate firms in Hong Kong, Singapore & Asia-Pacific at the Investment / Alternatives Summit. Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here


2025 Private Wealth Summit
April / Oct / Nov in Hong Kong & Singapore

Join CEOs, CIOs, Head of Private Banking, Head of Family Offices & Product Heads at The Private Wealth Summit.  Join as delegate, speaker, presenter, partner & sponsor.
Visit | Register here





 

United States SEC Fines JP Morgan $151 Million for Multiple Failures Including Misleading Disclosures to Investors, Breach of Fiduciary Duty, Prohibiting Joint Transactions & Principal Trades and Providing Recommendations in Best Interest of Clients:

  • Conduit Private Funds Action (JPMS) – The SEC’s order finds that JPMS made misleading disclosures to brokerage customers who invested in its “Conduit” private funds products, which pooled customer money and invested it in private equity or hedge funds that would later distribute to the Conduit private funds shares of companies that went public. The order finds that, contrary to the disclosures, a JP Morgan affiliate exercised complete discretion over when to sell and the number of shares to be sold. As a result, investors were subject to market risk, and the value of certain shares declined significantly as JP Morgan took months to sell the shares. As part of the resolution of this enforcement action, JPMS agreed to make a voluntary payment of $90 million to more than 1,500 Conduit investor accounts and to pay a civil penalty of $10 million, which will also be distributed to Conduit investors.  In addition to imposing the civil penalty, the SEC’s order finds that JPMS violated Sections 17(a)(2) and 17(a)(3) of the Securities Act and imposes a cease-and-desist order and a censure. The order notes that JPMS, through counsel, self-reported to SEC staff that certain investors had complained as a result of the failure to promptly sell certain shares. The investigation was conducted by Ming Ming Yang, David Zetlin-Jones, Brian Fitzpatrick, and Lee A. Greenwood of the Asset Management Unit.
  • Portfolio Management Program Action (JPMS) – The SEC’s order finds that, between July 2017 and October 2024, JPMS failed to fully and fairly disclose the financial incentive it and some of its financial advisors had when they recommended JPMS’s own Portfolio Management Program over third-party managed advisory programs offered by JPMS. During the relevant period, assets under management in the program’s strategies grew from approximately $10.5 billion to more than $30 billion.  The SEC’s order finds that JPMS violated Sections 206(2) and 206(4) of the Advisers Act and Rule 206(4)-7 thereunder and imposes a cease-and-desist order, censure, and a $45 million penalty. The investigation was conducted by Jessica Neiterman, Marie DeBonis, John Farinacci, Virginia M. Rosado Desilets, and Brianna Ripa of the Asset Management Unit with assistance from trial attorney Rua Kelly of the Boston Regional Office.
  • Clone Mutual Funds Action (JPMS) – The SEC’s order finds that, between June 2020 and July 2022, JPMS recommended certain mutual fund products, called Clone Mutual Funds, to its retail brokerage customers when materially less expensive ETF products that offered the same investment portfolios were available. According to the order, when recommending the Clone Mutual Funds, JPMS and its registered representatives failed to consider these cost differences and failed to have a reasonable basis to believe that their recommendations were in the best interest of the customers. The order finds that approximately 10,500 customers made approximately 17,500 purchases of the Clone Mutual Funds during this period based on JPMS’s recommendations. The SEC’s order finds that JPMS violated Regulation Best Interest and imposes a cease-and-desist order and a censure. The SEC did not impose a civil penalty because JPMS promptly self-reported the issue to SEC staff, conducted an internal investigation, provided substantial cooperation, and, among other remedial measures, voluntarily repaid impacted customers approximately $15.2 million. The investigation was conducted by Emmy E. Rush and Steven G. Rawlings of the New York Regional Office, with the assistance of Mr. Farinacci.
  • Joint Transactions Action (JPMIM) – The SEC’s order finds that, in March 2020, JPMIM caused $4.3 billion in prohibited joint transactions, which advantaged an affiliated foreign money market fund for which it served as the delegated portfolio manager over three U.S. money market mutual funds it advised.  The SEC’s order finds that JPMIM caused violations of Section 17(d) of the Investment Company Act and Rule 17d-1 thereunder and imposes a cease-and-desist order and a $5 million civil penalty. The investigation was conducted by Salvatore Massa, Brian Kudon, Mr. Fitzpatrick, and Mr. Greenwood of the Asset Management Unit.
  • Principal Trades Action (JPMIM) – The SEC’s order finds that, between July 2019 and March 2021, JPMIM engaged in or caused 65 prohibited principal trades with a combined notional value of approximately $8.2 billion. Principal trades are generally prohibited to avoid undisclosed conflicts of interest unless certain conditions are met or the SEC provides exemptive relief. The SEC’s order finds that, to conduct these trades, a JPMIM portfolio manager directed an unaffiliated broker-dealer to buy commercial paper or short-term fixed income securities from JPMS, which JPMIM then purchased on behalf of one of its clients.  The SEC’s order finds that JPMIM caused JPMS to violate Section 17(a)(1) of the Investment Company Act, violated Sections 206(3) and 206(4) of the Advisers Act and Rule 206(4)-7 thereunder, and caused certain clients to violate Rule 38a-1 of the Investment Company Act. The order imposes a cease-and-desist order, a censure, and a $1 million civil penalty. The order notes that, upon learning about the principal trades, JPMIM notified the SEC staff and promptly provided documents, communications, and other information on a voluntary basis. The investigation was conducted by Mr. Massa, Mr. Kudon, Mr. Fitzpatrick, and Mr. Greenwood of the Asset Management Unit.

 

 

United States SEC Fines JP Morgan $151 Million for Multiple Failures Including Misleading Disclosures to Investors, Breach of Fiduciary Duty, Prohibiting Joint Transactions & Principal Trades and Providing Recommendations in Best Interest of Clients, 2 JP Morgan Units Fined are JP Morgan Securities & JP Morgan Investment Management

JP Morgan Hong Kong



Managing $20 million to $3 billion. Investing $3 million to $300 million.
For Investment Managers, Hedge Funds, Boutique Funds, Private Equity, Venture Capital, Professional Investors, Family Offices, Private Bankers & Advisors, sign up today. Subscribe to Caproasia and receive the latest news, data, insights & reports, events & programs daily at 2 pm.

Join Events & Find Services
Join Investments, Private Wealth, Family Office events in Hong Kong, Singapore, Asia-wide. Find hard-to-find $3 million to $300 million financial & investment services at The Financial Centre | TFC. Find financial, investment, private wealth, family office, real estate, luxury investments, citizenship, law firms & more.  List hard-to-find financial & private wealth services.

Have a product launch? Promote a product or service? List your service at The Financial Centre | TFC. Join interviews & editorial and be featured on Caproasia.com or join Investments, Private Wealth, Family Office events. Contact us at [email protected] or [email protected]

Caproasia.com | The leading source of data, research, information & resource for financial professionals, investment managers, professional investors, family offices & advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets?



Quick Links


2021 Data Release
2020 List of Private Banks in Hong Kong
2020 List of Private Banks in Singapore
2020 Top 10 Largest Family Office
2020 Top 10 Largest Multi-Family Offices
2020 Report: Hong Kong Private Banks & Asset Mgmt - $4.49 Trillion
2020 Report: Singapore Asset Mgmt - $3.48 Trillion AUM


For Investors | Professionals | Executives
Latest data, reports, insights, news, events & programs
Everyday at 2 pm
Direct to your inbox
Save 2 to 8 hours per week. Organised for success

Register Below

For CEOs, Heads, Senior Management, Market Heads, Desk Heads, Financial Professionals, Investment Managers, Asset Managers, Fund Managers, Hedge Funds, Boutique Funds, Analysts, Advisors, Wealth Managers, Private Bankers, Family Offices, Investment Bankers, Private Equity, Institutional Investors, Professional Investors

Get Ahead in 60 Seconds. Join 10,000 +
Save 2 to 8 hours weekly. Organised for Success.

Sign Up / Register


    Manage investmentsManage assetsManage risksFind informationFind servicesFind advisors / expertsFind clientsGrow AUMNetworkingOthers


    $3 m to $20 m$20 m to $300 m$300 m to $1 b$1 b to $10 bMore than $10 bNo AUM. I advise institutions / CEOs / Entrepreneurs / billionaires / UHNWs & HNWsOthers


    Investment ProfessionalAdvisorProfessional InvestorFinancial ProfessionalManagementCEO & EntrepreneurOthers


    Mailing List / Free TrialSubscription ($70 monthly / $180 yearly)Subscription June Promo ($20 monthly / $180 yearly)Membership ($60 / $680 / $2,000)


    2025 Investment Day Hong Kong2025 Investment Day Singapore2025 Investment Summit Hong Kong2025 Investment Summit Singapore2025 Family Office Summit Hong Kong2025 Family Office Summit Singapore












    Web links may be disabled on mobile for security.
    Please click on desktop.










    Caproasia Users

    • Manage $20 million to $3 billion of assets
    • Invest $3 million to $300 million
    • Advise institutions, billionaires, UHNWs & HNWs

    Caproasia Platforms | 11,000 Investors & Advisors

    Monthly Roundtable & Networking

    Family Office Programs

    The 2025 Investment Day

    • March - Hong Kong
    • March - Singapore
    • July - Hong Kong
    • July - Singapore
    • Sept- Hong Kong
    • Sept - Singapore
    • Oct- Hong Kong
    • Nov - Singapore
    • Visit: The Investment Day | Register: Click here

    Caproasia Summits

    Contact Us

    For Enquiries, Membership
    [email protected], [email protected]

    For Listing, Subscription
    [email protected], [email protected]

    For Press Release, send to:
    [email protected]

    For Events & Webinars
    [email protected]

    For Media Kit, Advertising, Sponsorships, Partnerships
    [email protected]

    For Research, Data, Surveys, Reports
    [email protected]

    For General Enquiries
    [email protected]





    Caproasia | Driving the future of Asia
    a financial information technology co.
    since 2014