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JPMorgan settles charges over broker compensation

SEC Building

The Securities and Exchange Commission has announced that J.P. Morgan’s brokerage business agreed to pay $4m to settle charges that it falsely stated on its private banking website and in marketing materials that advisors are compensated “based on our clients’ performance; no one is paid on commission.”



For hire hiring

People News: Citigroup, Exotix

Anil Prasad, the former global head of foreign exchange and local markets at Citigroup, and his business partner Farhang Mehregani will start operating their own hedge fund in January after clearing regulatory hurdles in the U.K.

Bernie Madoff

Better news for Madoff victims

Bernard Madoff’s victims will have a bit more to spend on holiday gifts this year as the trustee unwinding his fraud begins sending out a total of $1.2bn in recovered funds, with checks averaging $1.1m each.