JPMorgan receives subpoenas

JPMorgan received subpoenas and inquiries from the U.S. Securities and Exchange Commission and other regulators about how it sells its own mutual funds and other proprietary products.

Bloomberg News reports that the SEC, other government authorities and a self-regulatory organization are seeking information about the bank’s use of proprietary products in its wealth-management business, the company disclosed Tuesday in a regulatory filing. The bank said it’s cooperating.

The SEC’s enforcement division has been looking into whether the bank and its brokerage affiliate adopted a strategy that uses bonuses and other incentives to encourage their financial advisers to steer clients improperly into in-house funds, structured notes and other investments that generate fees for the bank, Bloomberg reported in March, citing people familiar with the investigation.

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