05:37 AM EDT, 11/01/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) securities and investment management affiliates have agreed to pay $151 million in penalties to settle five US Securities and Exchange Commission charges of misleading investors, breaching fiduciary duty, conducting prohibited transactions and trades, and failing to make recommendations in the best interest of customers, the financial industry regulator said Thursday.

Under the terms of the agreement, the JP Morgan affiliates will not admit to or deny the findings, the SEC said. The penalties and voluntary payments settle four of the five SEC allegations while a fifth, against JP Morgan Securities, did not incur a penalty because the company "cooperated in the investigation and undertook remedial measures," the SEC said.

"JP Morgan's conduct across multiple business lines violated various laws designed to protect investors from the risks of self-dealing and conflicts of interest," said Sanjay Wadhwa, acting director of the SEC's division of enforcement.

The fines pertain to alleged failures to properly disclose risks to brokerage customers investing in private funds, selling overly expensive mutual funds, conducting prohibited transactions which favored foreign money market funds, and failing to disclose conflicts of interest.

JP Morgan did not immediately reply to MT Newswires' request for comment.

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