Regulatory action by US Securities and Exchange Commission: cease and desist
Fund concerned: a private fund that is not an insurance-dedicated fund. None of the insurance-dedicated funds in this file is named.
On October 31, 2024, j.p. Morgan Securities LLC ("JPMS") entered into a settlement with the Securities and Exchange Commission ("SEC") resulting in the SEC issuing an administrative order (the "order"). JPMS consented to the entry of the order, which found that JPMS willfully violated Sections 17(a)(2) and (3) of the Securities Act of 1933 ("Securities Act"). The order arose out of JPMS, from January 2019 through June 2022, using inaccurate disclosures with brokerage customers investing in certain products through a program which pooled customer money into a private Fund ("private Fund") and then invested in private equity or hedge Funds ("third-party Fund") that customers might not be able ...