JP Morgan affiliates to pay $151M to resolve SEC enforcement actions
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- The Securities and Exchange Commission on Thursday charged J.P. Morgan Securities (JPMS) and J.P. Morgan Investment Management (JPMIM) – both affiliates of JPMorgan Chase & Co. (NYSE:JPM) – in five separate enforcement actions for failures including misleading disclosures to investors, breach of fiduciary duty, prohibited joint transactions and principal trades, and failures to make recommendations in the best interest of customers.
- Without admitting or denying the findings in the SEC’s orders, the two affiliates agreed to pay more than $151 million in combined civil penalties and voluntary payments to investors to resolve four of the actions.
- The SEC did not impose a penalty in one of the actions, taken against JPMS, as JPMS cooperated in the investigation and undertook remedial measures.
- Source: Press Release