Another Five Firms Ordered to Pay $18M for Mutual Fund Overcharges

Posted on November 4th, 2015 at 1:56 PM
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.

The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston Law LLC, James Eccleston, eccleston, Eccleston Law, FINRA, Edward Jones, Stifel Nicolaus & Co., Janney Montgomery, AXA Advisors, Stephens Inc

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