{"id":6147,"date":"2017-05-09T18:07:33","date_gmt":"2017-05-09T23:07:33","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1562"},"modified":"2017-05-09T18:07:33","modified_gmt":"2017-05-09T23:07:33","slug":"sec-cases-barclays-will-pay-97m-overcharging-clients-regulator-accuses-ex-staffer-securities-fraud-whistleblower-awarded-500k-two-chinese-citizens-face-penny-stock-scam-allega","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/sec-cases-barclays-will-pay-97m-overcharging-clients-regulator-accuses-ex-staffer-securities-fraud-whistleblower-awarded-500k-two-chinese-citizens-face-penny-stock-scam-allega\/","title":{"rendered":"SEC Cases: Barclays Will Pay $97M for Overcharging Clients, Regulator Accuses Ex-Staffer of Securities Fraud, Whistleblower is Awarded Over $500K, and Two Chinese Citizens Face Penny Stock Scam Allegations"},"content":{"rendered":"<p>\t\t\t\t<strong>Barclays Must Pay Back Sales Charges, Advisory Fees<\/strong><br \/>\nThe US Securities and Exchange Commission announced that Barclays Capital (BARC) has settled <a href=\"https:\/\/www.securities-fraud-attorneys.com\">securities charges<\/a> accusing the firm of overbilling clients. As part of the resolution, which includes paying over $97M, Barclays must pay back advisory fees and mutual fund sales charges to clients that were affected. The firm is settling without denying or admitting to the SEC\u2019s findings. <\/p>\n<p>The SEC\u2019s case involved three sets of violations resulting in almost $50M in client overcharges. According to the Commission, two of Barclays advisory programs charged over 2,000 clients for services that were not conducted as presented. Meantime, 63 broker-dealer clients paid too much in mutual fund sales charges or fees because Barclays recommended that they purchase more costly share classes even though there were less expensive ones available. Also, over 22K accounts paid Barclays excess fees because the firm made billing mistakes and miscalculations.<\/p>\n<p><strong>Ex-SEC Staffer Accused of Securities Fraud<\/strong><br \/>\nThe SEC has filed charges against David R. Humphrey, one of its ex-employees, for <a href=\"https:\/\/www.securities-fraud-attorneys.com\">securities fraud<\/a> related to trades that he made. Humphrey worked with the regulator from 1998 to 2014.  <\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/sec-cases-barclays-will-pay-97m-overcharging-clients-regulator-accuses-ex-staffer-securities-fraud-whistleblower-awarded-500k-two-chinese-citizens-face-penny-stock-scam-allega\/#more-6147\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barclays Must Pay Back Sales Charges, Advisory Fees The US Securities and Exchange Commission announced that Barclays Capital (BARC) has settled securities charges accusing the firm of overbilling clients. As part of the resolution, which includes paying over $97M, Barclays must pay back advisory fees and mutual fund sales charges to clients that were affected. [&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":[3756,3752,3760,3795,3741,3938],"tags":[],"class_list":["post-6147","post","type-post","status-publish","format-standard","hentry","category-barclays-capital","category-financial-firms","category-sec-enforcement","category-sec-settlements","category-securities-fraud","category-whistleblowers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SEC Cases: Barclays Will Pay $97M for Overcharging Clients, Regulator Accuses Ex-Staffer of Securities Fraud, Whistleblower is Awarded Over $500K, and Two Chinese Citizens Face Penny Stock Scam Allegations &#8212; Investor Lawyers Blog &#8212; May 9, 2017<\/title>\n<meta name=\"description\" content=\"Barclays Must Pay Back Sales Charges, Advisory Fees The US Securities and Exchange Commission announced that Barclays Capital (BARC) has settled &#8212; May 9, 2017\" \/>\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\/sec-cases-barclays-will-pay-97m-overcharging-clients-regulator-accuses-ex-staffer-securities-fraud-whistleblower-awarded-500k-two-chinese-citizens-face-penny-stock-scam-allega\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"SEC Cases: Barclays Will Pay $97M for Overcharging Clients, Regulator Accuses Ex-Staffer of Securities Fraud, Whistleblower is Awarded Over $500K, and Two Chinese Citizens Face Penny Stock Scam Allegations &#8212; Investor Lawyers Blog &#8212; May 9, 2017\" \/>\n<meta name=\"twitter:description\" content=\"Barclays Must Pay Back Sales Charges, Advisory Fees The US Securities and Exchange Commission announced that Barclays Capital (BARC) has settled &#8212; May 9, 2017\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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