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Violation Tracker Individual Record

Company: Chase Investment Services
Current Parent Company: JPMorgan Chase
Penalty: $290,262
Year: 2005
Date: December 13, 2005
Offense Group: financial offenses
Primary Offense: investor protection violation
Secondary Offense: financial institution supervision failures
Violation Description: NASD ordered Chase Investment Services to pay more than $290,000 for failing to have an adequate supervisory system and controls in place to prevent deceptive market timing by one of its hedge fund clients. The firm was fined $150,000 and ordered to pay a total of $140,262 to the affected mutual funds.
Level of Government: federal
Action Type: agency action
Agency: Financial Industry Regulatory Authority
Civil or Criminal Case: civil
HQ Country of Current Parent: USA
HQ State of Current Parent: New York
Ownership Structure of Current Parent: publicly traded
Major Industry of Current Parent: financial services
Specific Industry of Current Parent: banking & securities
Source of Data: NASD Orders Chase Investment Services to Pay More Than $290,000 For Permitting Hedge Fund to Market Time Mutual Fund Shares, PR Newswire, December 13, 2005 (via Nexis).
Notes: FINRA is a securities industry self-regulatory body authorized by the federal government. This case was handled by its predecessor, the National Association of Securities Dealers (NASD).
Source Notes: If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Current parent company note: Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.