SEC's Self-Report Project Nabs $125M In Deals With 79 Firms
Law360 (March 11, 2019, 7:00 PM EDT) -- Seventy-nine investment advisers that self-reported steering clients to funds with relatively high fees have agreed to repay investors about $125 million, but will avoid additional fines under a U.S. Securities and Exchange Commission initiative announced last year.
Investment advisers including Deutsche Bank Securities Inc., Wells Fargo Clearing Services LLC and RBC Capital Markets LLC settled the SEC’s claims that they recommended mutual fund share classes with recurring fees over lower-cost options, the agency announced Monday. The SEC said these recommendations created a conflict of interest since the investment advisers benefited from the fees.
The advisers didn’t disclose these conflicts of interest...
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