It’s all about the pay, some days. Amazing pay for the seller, but what sort of payoff for the investors.

The Securities and Exchange Commission yesterday announced a settlement with Regions Bank, over huge hidden fees and the activities of U.S. Pension Trust.

Regions acquired Union Planters in 2004. Union Planters began the bank's relationship with USPT in 2001.

Here’s what was happening, according to the SEC complaint:.

USPT managed to convince 14,000 investors, most of them living in Latin America, to invest $255 million into a collection of mutual funds. Trouble was, the organization didn’t disclose that it was taking as much as 85 percent of investors’ annual contributions in sales commissions and profits for itself. If instead you invested one lump sum, the charge was as much as 18 percent.

Regions agreed to a cease and desist order and will pay a $1 million penalty.