The US regulator’s action against J.P. Morgan Securities is the latest case of unsuitable sales of structured products which exceeded the firm’s own limits.
The Financial Industry Regulatory Authority (Finra) has fined J.P. Morgan an additional US$200,000 for failing to reasonably supervise a broker with the firm who made unsuitable, unauthorised trades in his grandmother’s account. According to the Finra order, J.P. Morgan Securities has accepted the sanctions – a censure and a US$200,000 fine ’for failing to reasonably investigate and address “red flags” of potential misconduct’ in relation to unsuitable invest