Three Big Broker-Dealers To Pay Customers $8.2M In Fee Waiver, …

Dec 20, 2024 · Fairfield, Iowa-based Cambridge, which has 4,560 registered representatives in 2,700 branches nationwide, will pay restitution of $699,217 in excess sales charges and fees …

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Three Big Broker-Dealers To Pay Customers $8.2M In Fee Waiver, …

20 hours ago

Dec 20, 2024 · Fairfield, Iowa-based Cambridge, which has 4,560 registered representatives in 2,700 branches nationwide, will pay restitution of $699,217 in excess sales charges and fees …

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FINRA Orders Three Firms To Pay Over $8.2 Million In Restitution …

20 hours ago

Dec 20, 2024 · WASHINGTON—FINRA has ordered three firms—Edward Jones, Osaic Wealth, Inc. and Cambridge Investment Research, Inc.—to pay more than $8.2 million in restitution to …

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Edward Jones, Osaic, And Cambridge Repaying $8.2M In Mutual …

20 hours ago

Dec 20, 2024 · The excess charges and fees customers paid totaled over $4.4 million at Edward Jones, about $3.1 at Osaic and its affiliated broker-dealers, and $699,000 at Cambridge. The …

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FINRA Orders Three Firms To Pay Over $8.2 Million In

20 hours ago

Dec 20, 2024 · Edward Jones customers paid $4,440,979 in excess sales charges and fees; Osaic Wealth customers (and those of its affiliated broker-dealers) paid $3,096,490 in excess …

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FINRA Orders Three Firms To Pay Over $8.2 Million In Restitution …

20 hours ago

Dec 20, 2024 · Edward Jones customers paid $4,440,979 in excess sales charges and fees; Osaic Wealth customers (and those of its affiliated broker-dealers) paid $3,096,490 in excess …

businesswire.com

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Edward Jones, Osaic, Cambridge To Repay Customers $8.2 Million …

20 hours ago

Dec 20, 2024 · Edward Jones, the nation’s second largest brokerage as measured by its 20,000 advisors, agreed to pay customers $4.4 million. Independent broker-dealer Osaic, which …

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Firms To Pay $8.2M Restitution To Mutual Fund Customers - Top …

20 hours ago

Jan 2, 2025 · Why: FINRA says the firms failed to provide available mutual fund sales charge waiver fees and fee rebates for mutual fund purchases. ... The alleged issue caused Edward …

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Three Big Broker-Dealers To Pay Customers $8.2M In Fee Waiver, …

20 hours ago

Three powerhouse broker-dealers—Edward Jones, Osaic Wealth and Cambridge Investment Research—have agreed to pay customers more than $8.2 million in restitution as part of …

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Merrill To Pay $1.5 Million After Brokers Sidestepped Fee Waivers ...

20 hours ago

Jul 3, 2024 · In a separate fee waiver case finalized on Tuesday, Finra censured and fined Minneapolis-based broker-dealer RBC Wealth Management-U.S. $75,000 for failing to ensure …

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Six States Impose $4.2M Fine On Raymond James For Excessive Fees

20 hours ago

Jul 11, 2023 · Six states ordered Raymond James to pay $4.2 million in fines and penalties and return $8.25 million to retail customers who were charged excessive commissions for small …

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Broker-Dealer Lawsuit Threatens To “Eviscerate” Industry’s Self ...

20 hours ago

Oct 30, 2023 · Alpine initiated the court battle after Finra in 2019 issued a cease-and-desist order against it over allegations that the broker-dealer “had stolen more than $54 million from its …

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Broker-Dealer Disciplinary Actions: Takeaways From 2024 (So Far)

20 hours ago

The firm agreed to pay a $425,000 fine. In another customer confirmation matter that also originated from a FINRA Rule 4530 report, a broker-dealer issued customer confirmations to …

dwt.com

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Andrew Davitt On LinkedIn: Three Big Broker-Dealers To Pay …

20 hours ago

Three Big Broker-Dealers To Pay Customers $8.2M In Fee Waiver, Rebate Settlement Andrew Davitt on LinkedIn: Three Big Broker-Dealers To Pay Customers $8.2M In Fee Waiver, …

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Could Broker Fees Be Capped For NJ Renters To Stem Costs?

20 hours ago

Sep 9, 2022 · This summer, the New York Post and New York news startup Hellgate published reports of egregious broker fees — such as $10,000 and $20,000 fees for rent-stabilized …

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FAQs about Three Big Broker-Dealers To Pay Customers $8.2M In Fee Waiver, … Coupon?

Did a broker-dealer pay millions to an unregistered entity?

According to a FINRA AWC, a broker-dealer paid millions to an unregistered entity pertaining to the sale of a variable universal life insurance (VUL) in violation of FINRA Rule 2040. As a result of the VUL sales, the firm allegedly was compensated approximately $8.7 million and retained approximately $545,000 of gross compensation. ...

Did a broker-dealer fail to comply with regulation bi?

According to an SEC Order, a dually registered broker-dealer and investment adviser allegedly failed to comply with Regulation BI in connection with recommendations to retail customers. According to the Order, retail customers could invest in a pre-selected suite of affiliated investments, including affiliated mutual funds. ...

Why did two broker-dealers fail to establish a supervisory system?

According to a FINRA AWC, two affiliated broker-dealers failed to establish and maintain a supervisory system, including necessary WSPs, reasonably designed to safeguard records and information relating to customers in violation of Rule 30 (a) of Regulation S-P of the Exchange Act, among others. ...

How much did a broker-dealer pay a social media influencer?

The firm agreed to pay an $850,000 fine and to an undertaking to update its WSPs to address the issues discussed in the AWC. According to a FINRA AWC, a broker-dealer paid 17 individual social media influencers to post content about the firm on social media platforms. ...

Did a broker-dealer use influencers?

The firm agreed to pay disgorgement of over $936,000 (plus interest) and a civil money penalty of $1.25 million. According to a FINRA AWC, a broker-dealer used influencers that posted information about the firm that was not fair and balanced or that included exaggerated or promissory statements in violation of FINRA Rule 2210 (d) (1). ...

How much did a firm pay a regulation m fine?

The firm agreed to pay an $825,000 fine and to an undertaking to implement changes to its supervisory system. Three firms resolved Regulation M and related supervision issues with regulators during the first half of 2024. ...