Last year a New York Times report
criticized J.P. Morgan
] pushing of its proprietary mutual funds, and now a broker is attacking the banking giant over the same practice.
Dan Jamieson of InvestmentNews reports
that last month former J.P. Morgan broker Bryant Tchan
(now with U.S. Bancorp) filed a Finra arbitration claim against J.P. Morgan. He accused J.P. Morgan of holding up trading commissions on outside mutual fund trades and, in the words of Tchan's attorney, making brokers "jump through all sorts of hoops" to sell non-proprietary funds.
A spokeswoman for J.P. Morgan declined to comment to InvestmentNews
on the arbitration.
Tchan left J.P. Morgan in November.
Neil Anderson, Managing Editor
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