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July 19, 2019
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Blog, Current Investigations
56 Settlements with Member Firms & $89 Million in Restitution According to a press announcement on Wednesday, the Financial Industry Regulatory Authority (FINRA) has reached settlements with 56 member firms and obtained a total of $89 million in restitution for nearly 110,000 charitable and retirement accounts as
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May 9, 2019
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Blog, Securities Fraud
Janney Montgomery Scott Sanctioned for Supervisory Failures with Mutual Fund Charges According to the Massachusetts Securities Division, Janney Montgomery Scott is facing an administrative complaint for alleged failures in supervising its former broker’s sales of mutual funds. The firm allegedly failed to supervise
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November 16, 2016
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Blog
According to FINRA, MML Investors Services, LLC (MMLIS) allegedly overcharged 792 customers on sales of mutual funds and have been ordered to pay close to $1.8 million in restitution. In September 2015, MMLIS began a review to determine whether the firm provided available sales charge waivers to eligible customers.
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October 30, 2015
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Blog, Securities Fraud
Five brokerage firms were ordered to reimburse clients more than $18 million for overcharges associated with certain mutual funds. The Financial Industry Regulatory Authority found that the firms failed to waive mutual fund sales charges for eligible charitable organizations and retirement accounts. Without admitting
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