The Securities and Exchange Commission fined JP Morgan Securities LLC US $4 million for allegedly misstating to its customers that, between March 2009 and February 2011, its registered representatives were not paid commissions, but were paid based on clients’ performance. In fact, said the SEC, the firm’s advisors were paid salary and a discretionary bonus that was not based on clients’ performance. It was based on a number of other factors. Moreover, said the SEC, on at least four occasions during the relevant time, JP Morgan employees identified the potential problem with the firm’s disclosure, but the disclosure was not corrected. JP Morgan settled this matter voluntarily, without admitting or denying any of the SEC’s findings.