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Regions Bank has agreed to pay a $1 million penalty to settle a Securities and Exchange Commission complaint that it played a role in a long-term investment fraud that charged huge hidden fees and sales commissions to thousands of unwitting Latin American investors.

The Birmingham, Ala.-based bank and its predecessor, Union Planters Bank, acted as trustees for a pair of unregistered investment brokers -- U.S. Pension Trust Corp. and U.S. College Trust Corp. -- that have previously been charged as deceptive by the SEC. Regions allowed its name to be used in marketing materials, helped prepare a promotional video and met with prospective investors and some of the schemes' 2,000 unregistered sales agents.