Two affiliates of JPMorgan Chase have agreed to pay $151 million to settle five separate enforcement actions for making misleading disclosures, breaching fiduciary duties, and other failures related to investors.
JPMorgan Securities (JPMS) and JPMorgan Investment Management (JPMIM), both registered investment advisers, agreed to pay a total of $151 million in penalties and voluntary payments to investors for “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 Thursday in a press release. JPMS is also registered as a broker-dealer with the SEC.
