We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

SEC Cracks Down On Revenue-Sharing With $21M Fine

Law360 (June 25, 2007, 12:00 AM EDT) -- John Hancock Financial Services Inc. will shell out $21 million to cooperate with the U.S. Securities and Exchange Commission's Monday order that concludes its investigation into the company's alleged failure to report its revenue-sharing tactics and the conflict of interests they posed.

According to the SEC's report, investment advisors and broker-dealers at Manulife Financial Corp. and its sister company John Hancock failed to disclose their use of brokerage commissions to pay for affiliated distributors' marketing expenses between 2001 and 2004.

And without knowledge of the use...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.