Two advisory units of Bank of Montreal BMO will pay a civil fine of $8.25 million along with $29.73 million of disgorgement and interest for failing to disclose conflicts of interest by not informing clients that their money was often being invested in proprietary funds and costlier share classes, says the U.S. Securities and Exchange Commission (SEC). SEC recently announced, that the Chicago-based units, BMO Harris Financial Advisors and BMO Asset Management, have agreed to pay a penalty of nearly $38 million for overcharging clients. According to the report on Yahoo, between July 2012 and March 2016, these divisionsunduly invested nearly 50% of client's assets in their retail Managed Asset Allocation Program in proprietary mutual funds without letting the clients know about these investments. By doing this, BMO Asset Management was able to create higher management fees at the cost of clients.