Securities America will pay $1.5 million in restitution to settle self-reported mutual fund overcharges paid by more than 1,500 clients.

According to Finra, 1,514 Securities America clients paid $1.39 million in excessive fees from 2009 to 2015.

Securities America, an independent broker-dealer subsidiary of Ladenburg Thalmann based in La Vista, Neb., agreed to settle the charges on Friday without admitting or denying the findings.

Over a six-year period, the broker-dealer sold its retirement plan and charitable organization clients B- and C-shares of its mutual funds or did not waive front-end load charges on the A-shares of its funds, resulting in those clients paying higher fees and expenses, according to Finra.

Finra alleged that Securities America failed to inform representatives about the availability of the fee waivers for certain types of clients.

Securities America also allegedly failed to maintain a supervisory system to ensure that customers received applicable fee and expense waivers, according to Finra.

Finra’s $1.54 million restitution includes the $1.39 million of overcharges, plus interest owed to clients.

Earlier this year, Finra named mutual fund share classes and expenses as a point of emphasis in its broker-dealer examinations.