JPMorgan to pay $4 million for false statements about broker pay

January 6, 2016 5:16 PM

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JPMorgan to pay $4 million for false statements about broker pay

JP Morgan Chase & Co's (JPM.N) brokerage unit will pay $4 million to settle allegations it misled customers about the form of compensation it paid to brokers, the U.S. Securities and Exchange Commission said on Wednesday.

The case stems from comments on the company's private banking website, which falsely stated that advisers are paid "based on our clients' performance" and that "no one is paid on commission," the SEC said in a statement.

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