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JPMorgan Chase pays $250 million penalty over weak controls in its wealth management division



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Justin Sullivan | Getty ImagesJPMorgan Chase agreed Tuesday to pay a $250 million fine after one of its U.S. regulators found a “pattern of misconduct” in its asset and wealth management division.The Office of the Comptroller of the Currency said in a release that the New York-based bank’s risk management controls were “deficient” and the firm couldn’t avoid “conflicts of interest” in the business.”For several years, the Bank maintained a weak management and control framework for its fiduciary activities and had an insufficient audit program for, and inadequate internal controls over, those activities,” the OCC said in a consent …

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