You may recover losses with Citizens Securities by calling our securities law firm in Chicago at 312-332-4200 and speaking to an attorney. We bring claims against firms such as Citizens on a contingency fee basis, which means we do not make money unless you recover yours. The call is free with no obligation. Recently, the Financial Industry Regulatory Authority (FINRA) censured and fined Citizens with a $50,000 fine for failing to apply sales charge waivers to mutual fund purchases made by retirement plan and charitable organization customers. This is according to a settlement available on FINRA’s website. According to FINRA, some customers who were eligible for Class A shares in mutual funds without front-end sales charges, were not given the sales charge waivers or sold Class B or C shares with back-end sales charges and higher ongoing fees and expenses. FINRA claimed “these sales disadvantaged eligible customers by causing those customers to pay higher fees than they were required to pay.” 27 customer accounts were overcharged to the tune of $60,000 from January 2011 until May 2016.
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