Free Consultation | (800) 259-9010 International via WhatsApp: 713-227-2400 (text only)
79 Investment Advisers To Give Over $125M Back to Mutual Fund Investors
79 investment advisors have settled charges brought by the US Securities and Exchange Commission (SEC) accusing them of not properly disclosing conflicts of interests involving the sale of costlier mutual fund share classes that caused them to earn more fees.
The regulator’s action is related to its Share Class Section Disclosure Initiative. Announced by the SEC’s Division of Enforcement early last year, the initiative gives firms the chance to report disclosure failures that violate the Advisors Act, while offering them more “favorable settlement terms” in return.