How To Recover Money From Cetera For Overcharging for Mutual Funds
Published On: August 23, 2017
According to a recent InvestmentNews article, the Financial Industry Regulatory Authority (FINRA), ordered five Cetera Financial Group broker-dealers to pay $3.3 million for failing to supervise the application of mutual fund sales charge waivers to eligible clients in retirement plans and at charitable organizations. The five firms are Cetera Investment Services, Cetera Financial Specialists, First Allied Securities, Summit Brokerage Services and Girard Securities Inc. The firms allegedly overcharged client from July 2009 until July 2017. In May, FINRA reached a settlement with Cetera Advisor Networks for overcharging retirement plan and charitable organization clients to $1.7 million since 2009. According to FINRA, the Cetera firms “failed to reasonably supervise the application of sales charge waivers to eligible mutual fund sales. The firm relied on its financial advisers to determine the applicability of sale charge waivers, but failed to maintain adequate written policies or procedures to assist financial advisers in making this determination.” Cetera Investment Services will pay $1.4 million in restitution to clients, while Cetera Financial Specialists will pay $572,000. First Allied and Summit Brokerage Services will pay $877,000 and $357,000, respectively. Girard Securities will pay $103,000. Please call our Chicago-based law firm today to find out how you may be able to recover your losses with Cetera on a contingency fee basis.
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