News | 03.12.19
SEC Says 79 Firms Will Return $125 Million to Clients as Part of Clemency Program
The SEC announced Monday that 79 investment firms agreed to return $125 million to clients to whom they had sold inappropriate high-fee mutual funds. Under an SEC program launched in February 2018, advisors who came forward would avoid fines but would have to return money to investors. The SEC found that the advisors had failed to disclose to clients that they were receiving 12b-1 fees for the funds they recommended when a less expensive fund in the same share class was available.
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