Another five firms ordered to pay $18M for mutual fund overcharges
Finra says Edward Jones, Stifel Nicolaus, Janney Montgomery Scott, Axa and Stephens failed to waive sales charges for certain retirement accounts and charities.
Five broker-dealers were ordered to reimburse clients a total of $18.4 million for charging them improper fees for mutual funds, Finra announced Tuesday.
Edward Jones was ordered to pay $13.5 million, Stifel Nicolaus & Co., $2.9 million, Janney Montgomery Scott, $1.2 million, Axa Advisors, $600,00
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