The US financial industry's self-regulatory authority, Finra, has ordered that Wells Fargo ($15mn), Raymond James ($8.7mn), and LPL Financial ($6.3mn) to pay out a total of over $30mn to investors for having improperly charged them for mutual funds that were purchased for retirement accounts and charities. In the latest case, which was filed in New York state court on Friday, regulators said they had found "numerous instances where customers have been misled by these companies into believing their investments are backed with federally
The US financial industry's self-regulatory authority, Finra, has ordered that Wells Fargo ($15mn), Raymond James ($8.7mn), and LPL Financial ($6.3mn) to pay out a total of over $30mn to investors for having improperly charged them for mutual funds that were purchased for retirement accounts and charities. The brokerages neither admitted nor denied the charges in settling over the case.