A former executive with investment firm Wealth Management has agreed to pay $1.4 million to settle civil accusations of misleading clients and accepting undisclosed kickbacks, according to the Milwaukie Wisconsin Journal Sentinel.

Simone Fevola, the firm's former president and chief investment officer, has consented to the payment without admitting or denying the allegations, which were originally filed last May by the US Securities and Exchange Commission.

If a federal judge approves the agreement, Mr Fevola must pay the money, which ultimately would go to Wealth Management investors. Mr Fevola has already satisfied $400,000 of the obligation by returning that amount to Wealth Management before the SEC lawsuit began, court documents detailing the agreement say, the publication reported.

Still pending are civil charges against Wealth Management founder and chief executive James Putman.