An Iowa-based investment advisor is being forced to repay $341,487 to 68 pension plans he and his company worked with from May 2007 through November 2011.

An investigation by the Department of Labor's Employee Benefits Security Administration found that Donald Gene DeWaay Jr., entities he owns and former employees violated the Employee Retirement Income Security Act when they recommended certain investments to clients participating in ERISA-covered employee benefits plans.

The EBSA also found that DeWaay's companies and advisors charged higher fees than those agreed to by their clients. Recommendations made to clients also resulted in DeWaay, his companies and former employees receiving commissions from third parties.

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