The Vanguard Group headquarters are seen in Malvern, Pennsylvania, US. Photo: Mike Mergen/Bloomberg

The Financial Industry Regulatory Authority’s Department of Enforcement fined Vanguard Marketing Corp., a subsidiary of The Vanguard Group, $800,000 for misstating estimated yield and annual income information related to money market funds on 8.5 million account statements.

According to a letter of acceptance, waiver and consent released by FINRA in the matter, a technical issue beginning in 2019 prevented new information received through VMC’s automated data feed to overwrite certain existing data. As a result, calculations of estimated yield and annual income were incorrect for certain money market accounts held as a position and caused them to be overstated on account statements.

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