NASD said Tuesday that it had fined Chase Investment Services in Chicago, a unit of JPMorgan Chase & Co., in connection with alleged market timing by a hedge fund client.
Processing Content
The New York banking company's unit did not admit or deny the allegations but consented to the entry of NASD's finding that it failed to create adequate controls to prevent the trading abuses. It was fined $150,000 and ordered to pay $140,262 to 13 mutual funds, which include portfolios of American Funds, Vanguard, and TIAA-CREF.
