Edward Jones, AXA Advisors, Stifel Nicolaus, and Others to Pay $13M to Retirement Accounts, Charities for Mutual Fund Overcharges
The Financial Industry Regulatory Authority says that another five firms must pay restitution to specific retirement and charitable accounts for overcharging them for mutual funds. Edward D. Jones will pay $13.5M, Stifel Nicolaus (SF) will pay $2.9M, AXA Advisors will pay $600K, Janney Montgomery Scott will pay $1.2M, and Stephens Inc. will pay $15K. The…