TD Ameritrade To Pay $10M To Bury SEC Claims

Law360, New York (February 3, 2011, 7:32 PM EST) -- TD Ameritrade Inc. has agreed to pay customers $10 million to settle claims brought by the U.S. Securities and Exchange Commission alleging it misled investors about the safety of a mutual fund.

The SEC filed an administrative order Thursday that resolves allegations that TD Ameritrade failed to reasonably supervise its registered representatives, some of whom misled customers when selling shares of the Reserve Yield Plus Fund.

TD Ameritrade consented to the SEC's order, which censures the firm, without admitting or denying the agency's allegations.

The Reserve...
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