Robert W. Baird & Co. was ordered to pay $2.1 million in restitution to 1,400 customers for overcharges related to mutual fund fees, according to a settlement disclosed yesterday with the Financial Industry Regulatory Authority (FINRA). Baird discovered the overcharges made to customers in May 2015 and reported to FINRA that it believed the customers had not received sales charge waivers for which they were eligible. The customers in question were retirement accounts and charitable groups. The firm failed to “reasonably supervise” the application of sales charge waivers for mutual fund sales to certain customers, relying on its financial advisors to determine whether the sales charges applied. The problem started in July 2009.
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