An Albany, N.Y., based investment firm has agree to pay nearly $3.4 million in restitution to a Native American tribe for overcharging it on investment fees, the Financial Industry Regulatory Authority (Finra) announced Wednesday.

The firm, Purshe Kaplan Sterling Investments, also agreed to pay a $750,000 fine to settle the Finra charges, without admitting or denying the charges.

The complaint says the tribe, identified only as ST, was entitled to discounts for bulk purchases of $190 million in non-traded REITs and business development companies that it never received.

The purchases were arranged by the tribe’s investment manager, Gopi Vungarala, who also was the investment firm’s registered representative. Tribal bylaws prohibit such a conflict of interest.

Vungarala claimed he and the firm did not receive any compensation for the investment when in fact he received at least $9 million in commissions, Finra says. Charges against Vungarala are still being investigated.

The investment firm is charged with not properly supervising its representative during the time the investments were being made between 2011 and 2015, Finra says.

Vungarala misrepresented to the firm that the tribe did not want to receive the volume discounts. The complaint says the firm failed to take reasonable steps to verify this statement even after it received inquiries about the missed discounts from a REIT issuer and Finra staff.

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