News | 10.01.19
SEC Orders 17 Firms with Investment Advisor Reps to Pay $10 Million
The SEC ordered another 17 self-reporting investment advisors and broker-dealers to pay $10 million to investors for failing to fully disclose conflicts created when they selected more expensive mutual fund share classes for clients when lower-cost share classes for the same fund were available. The list include 16 firms that self-reported as part of the Division of Enforcement’s Share Class Selection Disclosure Initiative (SCSDI) launched February, 2018. The new settlements represent round two of SCSDI and bring the total number of firms that have self-reported infractions and settled with the SEC to 95 that must pay over $135 million to investors.
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