Another Five Firms Ordered to Pay $18M for Mutual Fund Overcharges
From the Desk of Jim Eccleston at Eccleston Law LLC:
The Financial Industry Regulatory Authority (FINRA) continues to fine broker dealers for charging improper fees for mutual funds. The recent firms are Edward Jones, Stifel Nicolaus & Co., Janney Montgomery, AXA Advisors, and Stephens Inc. They were fined a cumulative total of $18.4 million according to FINRA’s most recent announcement.
This follows a similar type of case three months earlier in which Wells Fargo, Raymond James, and LPL Financial were fined a combined $30 million for improper charging of fees. Dating back to 2009, FINRA found that those firms failed to provide fee waiver forms to customers. The firms also alleged placed investors into incorrect share classes resulting in higher fees. The firms neither admitted nor denied allegations.
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