{"id":3697,"date":"2016-04-15T00:00:00","date_gmt":"2016-04-15T05:00:00","guid":{"rendered":"https:\/\/stockbrokerfraudblog.blawgcloud.com\/2016\/04\/broker_violations_pnc_investme"},"modified":"2016-04-15T00:00:00","modified_gmt":"2016-04-15T05:00:00","slug":"broker-violations-pnc-investme","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/broker-violations-pnc-investme\/","title":{"rendered":"Broker Violations &#038; FINRA: PNC Investments to Pay $225K for Overcharging for Mutual Funds and Stifel Nicolaus is Fined $750K For Not Following Reserve Requirements"},"content":{"rendered":"<p>The Financial Industry Regulatory Authority has announced that PNC Investments will pay nearly $225K in restitution for charging retirement clients too much for mutual fund investments. According to the regulator, the brokerage firm did not apply waivers for investors in certain Class A share mutual funds even though there was a waiver for front-end charges for eligible customers.<\/p>\n<p>Instead, said FINRA, PNC Investments sold Class A shares customers with a front-end load or other shares that had a back-end load and higher fees and expenses, some of which were charged on an ongoing basis. Because of this, certain customers were charged excessive fees and paid them. <\/p>\n<p>FINRA said that PNC Investments charged 121 customer accounts in excess of $191,740 for mutual funds\u2014although the actual amount, with interest, was closer to $224,750. PNC will pay restitution to eligible investors.<\/p>\n<p>The brokerage firm self-reported the overcharges after reviewing its own conduct last year to assess whether it was issuing the sales waiver to those that were eligible. FINRA said that the broker-dealer experienced lapses in supervision, did not keep up written policies and procedures that were adequate, and failed to help advisers assess when to waive the sales charges.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/broker-violations-pnc-investme\/#more-3697\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Industry Regulatory Authority has announced that PNC Investments will pay nearly $225K in restitution for charging retirement clients too much for mutual fund investments. According to the regulator, the brokerage firm did not apply waivers for investors in certain Class A share mutual funds even though there was a waiver for front-end charges [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3774,3739,3799,3803,3747],"tags":[3607,3608,3334],"class_list":["post-3697","post","type-post","status-publish","format-standard","hentry","category-broker-dealers","category-finra","category-mutual-funds","category-senior-investors","category-stifel-nicolaus-co-inc","tag-nicolaus-co","tag-pnc-investments","tag-stifel"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Broker Violations &amp; FINRA: PNC Investments to Pay $225K for Overcharging for Mutual Funds and Stifel Nicolaus is Fined $750K For Not Following Reserve Requirements &#8212; Investor Lawyers Blog &#8212; April 15, 2016<\/title>\n<meta name=\"description\" content=\"The Financial Industry Regulatory Authority has announced that PNC Investments will pay nearly $225K in restitution for charging retirement clients too &#8212; April 15, 2016\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.investorlawyers.com\/blog\/broker-violations-pnc-investme\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Broker Violations &amp; FINRA: PNC Investments to Pay $225K for Overcharging for Mutual Funds and Stifel Nicolaus is Fined $750K For Not Following Reserve Requirements &#8212; Investor Lawyers Blog &#8212; April 15, 2016\" \/>\n<meta name=\"twitter:description\" content=\"The Financial Industry Regulatory Authority has announced that PNC Investments will pay nearly $225K in restitution for charging retirement clients too &#8212; April 15, 2016\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; Kantas, LLP\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Broker Violations & FINRA: PNC Investments to Pay $225K for Overcharging for Mutual Funds and Stifel Nicolaus is Fined $750K For Not Following Reserve Requirements &#8212; Investor Lawyers Blog &#8212; April 15, 2016","description":"The Financial Industry Regulatory Authority has announced that PNC Investments will pay nearly $225K in restitution for charging retirement clients too &#8212; April 15, 2016","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.investorlawyers.com\/blog\/broker-violations-pnc-investme\/","twitter_card":"summary_large_image","twitter_title":"Broker Violations & FINRA: PNC Investments to Pay $225K for Overcharging for Mutual Funds and Stifel Nicolaus is Fined $750K For Not Following Reserve Requirements &#8212; Investor Lawyers Blog &#8212; April 15, 2016","twitter_description":"The Financial Industry Regulatory Authority has announced that PNC Investments will pay nearly $225K in restitution for charging retirement clients too &#8212; April 15, 2016","twitter_misc":{"Written by":"Shepherd Smith Edwards &amp; Kantas, LLP","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.investorlawyers.com\/blog\/broker-violations-pnc-investme\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/broker-violations-pnc-investme\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Broker Violations &#038; FINRA: PNC Investments to Pay $225K for Overcharging for Mutual Funds and Stifel Nicolaus is Fined $750K For Not Following Reserve Requirements","datePublished":"2016-04-15T05:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/broker-violations-pnc-investme\/"},"wordCount":514,"keywords":["Nicolaus &amp; Co.","PNC Investments","Stifel"],"articleSection":["Broker-Dealers","FINRA","Mutual Funds","Senior Investors","Stifel, Nicolaus, &amp; Co. 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