All three firms "failed to adequately supervise" the sale of mutual funds that offered sales charge waivers, Finra said. The firms "unreasonably relied" on financial advisors to waive the charges for retirement and eligible accounts for charities, without giving the advisers "critical information and training," Finra said.
Wells Fargo, LPL, Raymond James To Reimburse $30M In Fees, Says Finra
July 6, 2015
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