J.P. Morgan Securities will pay Florida $25 million to settle allegations that the company sold unregistered securities to the Local Government Investment Pool, contrary to Florida’s securities law.
Attorney General Bill McCollum announced Wednesday that $23 million will be distributed to the participants of the former investment pool to reimburse local governments that saw the value of asset-backed securities decline in August 2007.
The remaining $2 million collected as part of the settlement, will go toward reimbursing the state for its investigative and administrative costs, a statement from McCollum’s office said.
