FINRA hit five broker-dealers with $18 million in sanctions for overcharging clients and charities on mutual funds.
Edward Jones faces the largest penalty: $13.5 million. Stifel was hit with $2.9 million, Janney Montgomery Scott with $1.2 million and AXA Advisors with $600,000. Stephens, a financial services firm based in Little Rock, Ark., was ordered to pay $150,000.
The firms had failed to waive mutual fund sales charges for eligible clients at various times since 2009, FINRA says. Moreover, the firms lacked adequate supervisory mechanisms, FINRA says.
Source: OnWallStreet
About admin
The post FINRA Sanctions Edward Jones $13.5M appeared first on Compliancex.