SEC Charges 79 Firms For Selling High-Priced Mutual Fund Share Classes
The SEC found that the 79 firms put clients into higher-cost mutual fund share classes when lower-cost share classes were available. “The 12 b-1 fees were routinely paid to the investment advisers in their capacity as brokers, to their broker-dealer affiliates, or to their personnel who were also registered representatives, creating a conflict of interest…
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