BEVERLY HILLS, Calif., June 3, 2013 (GLOBE NEWSWIRE) -- Aidikoff, Uhl & Bakhtiari announces the filing of a securities arbitration on behalf of a former J P Morgan Securities, LLC broker with the Financial Industry Regulatory Authority (FINRA). Philip M. Aidikoff, a partner at the firm, said that the firm's client "was recruited from another broker dealer but soon learned that J P Morgan had a policy to only recommend in house product to customers, irrespective of whether that product was the best choice for customers to meet their investment objectives." The claim alleges that when brokers recommended and sold outside product, brokers would have difficulty in collecting the commissions and fees due. The claim further alleges JP Morgan created a continuing conflict between the fiduciary responsibilities owed by the broker to clients in light of the firm's insistence on selling proprietary funds.
The claims are supported by other former JP Morgan brokers around the country who have reported similar practice and policies, all designed to increase the profitability of the firm at the expense of customers. Ryan K. Bakhtiari, a partner at Aidikoff, Uhl & Bakhtiari stated that, "brokers are obligated to always place the interests of their customer first, and pressure exerted by their employers to only sell in house product is inconsistent with obligations imposed by securities regulators."
Aidikoff, Uhl & Bakhtiari is a Beverly Hills, California based law firm that restricts its practice to disputes with the securities industry on behalf of customers and brokers. If you have information concerning JP Morgan's sale of proprietary mutual funds, please contact an attorney below.