The US Community Futures Trading Commission (CFTC) is investigating JP Morgan over allegations the bank is steering its private-banking clients to its own hedge-fund investment products, without the proper disclosures. Mr. Burk came to view his $5 million investment in the fund as an ugly stepchild, and regulators now are looking at whether his experience fits a pattern of J.P. Morgan inappropriately steering its private-banking clients to its own hedge-fund investment products, according to people close to the probe. ... In a letter sent on Tuesday to JPMorgan, CFTC chairman J. Christopher Giancarlo, who was appointed by President Barack Obama in 2013, said he had “serious concerns” about JPMorgan’s JP Morgan is already in advanced talks over similar allegations with the US Securities and Exchange Commission (SEC), with an expected settlement to be in the region of $150m.
The US Community Futures Trading Commission (CFTC) is investigating JP Morgan over allegations the bank is steering its private-banking clients to its own hedge-fund investment products, without the proper disclosures. In a letter sent on Tuesday to JPMorgan, CFTC chairman J. Christopher Giancarlo, who was appointed by President Barack Obama in 2013, said he had “serious concerns” about JPMorgan’s JP Morgan is already in advanced talks over similar allegations with the US Securities and Exchange Commission (SEC), with an expected settlement to be in the region of $150m.