Wells Fargo, Others Ordered To Repay $30M Over Fund Sales

Law360, New York (July 6, 2015, 12:47 PM ET) — The Financial Industry Regulatory Authority on Monday said it has ordered three large broker-dealers, including Wells Fargo Advisors LLC, to pay more than $30 million in restitution to certain charities and retirement savers that were improperly hit with sales charges on mutual fund purchases.

According to the self-regulatory organization, the firms, which also included two units of Raymond James Financial Inc. and LPL Financial LLC, had pledged to waive, under limited circumstances, sales charges and other expenses for mutual fund shares sold to certain charitable and…

Source: Law360

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s