NEW YORK, Oct 31 (Reuters) - JPMorgan Chase ( JPM ) will

pay $151 million to settle five U.S. Securities and Exchange

Commission enforcement cases, including accusations that the

largest U.S. bank made misleading disclosures to brokerage

customers, the regulator said on Thursday.

The settlements include $61 million of civil fines and

$90 million of reimbursements to customers. JPMorgan ( JPM ) did not

admit or deny wrongdoing in agreeing to the settlements.

"JPMorgan's ( JPM ) conduct across multiple business lines violated

various laws designed to protect investors from the risks of

self-dealing and conflicts of interest," Sanjay Wadhwa, acting

director of the SEC enforcement division, said in a statement.

In the largest settlement, JPMorgan ( JPM ) will pay a $10

million civil fine and reimburse $90 million to customers who

invested in "conduit" products.

These products pooled customer money to invest in private

equity or hedge funds that would later distribute shares of

companies that went public.

The SEC said JPMorgan ( JPM ) did not disclose that it had complete

discretion over when to sell shares and how many to distribute.

It said this exposed customers to market risk, including when

prices fell because the bank took months to sell the shares.

JPMorgan ( JPM ) was separately fined $45 million for failing to

fully disclose from July 2017 to October 2024 how the bank and

its brokers could benefit financially by recommending some

in-house investments over similar products managed by third

parties.

In a statement, the New York-based bank said it was

pleased to settle, strived to uphold high standards when serving

clients, and fixes problems when they arise.

The SEC also accused JPMorgan ( JPM ) of recommending some mutual

funds to 10,500 retail brokerage customers when materially less

expensive but otherwise identical exchange-traded fund (ETF)

products were available.

JPMorgan ( JPM ) voluntarily repaid those customers $15.2 million,

and was not fined after reporting the issue, the SEC said.