An online broker of financial products has agreed to pay more than $160,000 after its representatives misled Massachusetts investors, according to the Department of Justice.

In an assurance of discontinuance, Healey alleged that representatives of Omaha-based TD Ameritrade Inc. (TDA) deceived investors by wrongfully claiming that its Reserve Yield Plus Fund was a money market mutual fund, describing the investment as “safe as cash” and as an investment with guaranteed liquidity. However, Healy alleged, in reality the fund possessed neither of those characteristics, and when it lost value during the financial crisis, its investors lost liquidity and value in their investments.

TDA has agreed to make whole certain Massachusetts investors whom the attorney general alleged were misled by the TDA representatives.

Payments to the investors will exceed $100,000. TDA will also make a $60,000 payment to the state.

This agreement follows a similar settlement by the Securities and Exchange Commission, which required TDA to distribute 0.012 per share of the fund to eligible customers.