JP Morgan Affiliates To Pay $151 Mln To Settle SEC Enforcement Actions

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(RTTNews) - The U.S. Securities and Exchange Commission charged J.P. Morgan Securities LLC or JPMS and J.P. Morgan Investment Management Inc. or JPMIM - both affiliates of JPMorgan Chase & Co. (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.

The SEC said that 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, because JPMS cooperated in the investigation and undertook remedial measures.

The SEC's order found that, between July 2017 and October 2024, JPMS failed to fully and fairly disclose the financial incentive it and some of its financial advisors had when they recommended JPMS's own Portfolio Management Program over third-party managed advisory programs offered by JPMS.