Avantax settles with SEC for $16.9 million over 12b-1 fees
The company failed to reveal conflicts of interest concerning marketing fees paid by clients for mutual funds, according to the regulator. The independent broker-dealer 1st Global Advisors was acquired by Blucora in 2019.
The Securities and Exchange Commission said on Monday it had reached an agreement with 1st Global Advisors Inc., now known as Avantax Advisory Services Inc., to pay a $16.9 million penalty over not revealing conflicts stemming from marketing fees paid by clients for mutual funds that charge what is
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