The Financial Industry Regulatory Authority (FINRA) has orderedfive firms to pay more than $18 million, including interest, inrestitution to affected customers after it found that they hadfailed to waive mutual fund fees for eligible charitable organizationsand retirement accounts.
The firms, and the restitution amounts they were ordered to pay,are the following:
Edward D. Jones & Co., L.P., $13.5 million
Stifel Nicolaus & Company, Inc., $2.9 million
Janney Montgomery Scott, LLC, $1.2 million
AXA Advisors, LLC, $600,000
Stephens Inc., $150,000
Although mutual fund class A shares typically have lower feesthan other share classes, they generally collect an initial salescharge from customers.
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