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Securities and Exchange Commission v. Commonwealth Equity Services, LLC

  1. June 20, 2025

    SEC Weighs Settlement After 1st Circ. Pulls $93M Win

    The U.S. Securities and Exchange Commission has entered settlement negotiations with Massachusetts-based financial firm Commonwealth Financial Network, two months after the First Circuit nixed the agency's $93 million win against the company, according to a court document filed Friday.

  2. April 01, 2024

    SEC Wins $93M Judgment Against Commonwealth Financial

    A Massachusetts federal judge has handed victory to the U.S. Securities and Exchange Commission by ordering Commonwealth Financial Network to pay $93.2 million due to its "egregious" failure to disclose conflicts of interest to clients who could have used that information to invest in lower cost mutual funds.

  3. February 26, 2024

    Mass. Judge Won't Rethink SEC Win On Adviser Duty Breach

    A Massachusetts federal judge has refused to reconsider a judgment against Commonwealth Financial Network that found it failed to disclose an arrangement with its clearing firm that favored certain mutual funds to investors, saying the company has not identified any new evidence or an error in the court's application of the law.

  4. May 05, 2023

    Mass. Wealth Adviser Asks Judge To Revisit Duty Breach Ruling

    Massachusetts-based Commonwealth Financial Network has urged a federal judge to reconsider a judgment against the company that found it failed to tell clients it had a conflict of interest because investments recommended by advisers were based on a revenue-sharing agreement it had with the holder of their assets.

  5. April 07, 2023

    Investment Firm Liable In SEC Conflict Suit, Judge Says

    A Boston federal judge agreed with the U.S. Securities and Exchange Commission on Friday that a Massachusetts investment adviser violated federal law when it didn't tell clients about an arrangement with its clearing firm that gave the company financial reasons to encourage investment in certain funds over others.

  6. August 01, 2019

    Mass. Financial Adviser Hid Conflict From Clients, SEC Says

    A Massachusetts investment adviser managing $85 billion in assets for hundreds of thousands of clients did not tell investors about an arrangement with its clearing firm that incentivized steering money to certain mutual funds, according to a U.S. Securities and Exchange Commission suit filed Thursday.