The Securities and Exchange Commission (SEC) today announced it has charged J.P. Morgan Securities LLC with fraudulently rigging at least 93 municipal bond reinvestment transactions in 31 states, generating millions of dollars in ill-gotten gains.

J.P. Morgan has agreed to pay approximately $51.2 million that will be returned to the affected municipalities in order to settle the fraud charges. J.P. Morgan and its affiliates also agreed to pay $177 million to settle parallel charges brought on by other federal and state authorities, CNN reported.

The Iowa attorney general’s office was not among the 25 state attorneys general that were part of the investigation, said Geoff Greenwood, a spokesman. A list of municipalities affected by the fraudulent transactions has not yet been released by the SEC.