Three titans of the broker world will pay a combined $30 million in restitution to more than 50,000 retirement accounts and charitable organizations after the firms failed to waive fees on mutual funds.
The Financial Industry Regulatory Authority ordered the advisor channels of Wells Fargo, Raymond James, and LPL Financial to make retirement investors whole after accounts were charged fees on Class A shares of mutual funds when investors qualified to have those fees waived.
In a statement, FINRA said each firm detected and self-reported the errors, which is why the regulator did not levy fines. Wells Fargo will return $15 million in fees and interest, and Raymond James and LPL will return $8.7 million and $6.3 million respectively.
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Nick Thornton
Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.
