{"id":6189,"date":"2017-08-23T18:56:32","date_gmt":"2017-08-23T23:56:32","guid":{"rendered":"https:\/\/www.institutionalinvestorsecuritiesblog.com\/?p=1736"},"modified":"2019-09-04T19:14:27","modified_gmt":"2019-09-05T00:14:27","slug":"five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/","title":{"rendered":"Five Cetera Broker-Dealers Settle With FINRA for $3.3M Overcharging Mutual Fund Sales Fees to Charitable Organizations and Retirement Plans"},"content":{"rendered":"<p>In a settlement with the Financial Industry Regulatory Authority, a number of Cetera Financial Group brokerage firms have agreed to collectively pay $3.3M for not properly supervising whether mutual fund sales charge waivers were applied correctly clients at charitable organizations and in retirement plans. The firms that have settled include Cetera Financial Specialists, Cetera Investment Services, Summit Brokerage Services, First Allied Securities, and Girard Securities.<\/p>\n<p>The $3.3M is how much these clients were excessively charged plus interest for the mutual funds that they bought from July 2009 to July 2017. According to the self-regulatory organization, the brokerage firms either: charged front-end sales charges to charitable organization and retirement plan customers that bought A shares in mutual funds even though they were eligible to have these fees waived or sold them class C\/B shares while charging them back-end sales charges and \u201chigher ongoing fees and expenses.\u201d<\/p>\n<p>FINRA accused the Cetera firms of not reasonably supervising the way the sales charges waivers were applied to the mutual fund sales and leaving it up to financial advisers to decide whether the waivers should be applied. The SRO also contends that the broker-dealers did not maintain written policies and procedures that were adequate enough to help financial advisers in making such determinations.<\/p>\n<p> <a href=\"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/#more-6189\" class=\"more-link\">Continue Reading \u203a<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In a settlement with the Financial Industry Regulatory Authority, a number of Cetera Financial Group brokerage firms have agreed to collectively pay $3.3M for not properly supervising whether mutual fund sales charge waivers were applied correctly clients at charitable organizations and in retirement plans. The firms that have settled include Cetera Financial Specialists, Cetera Investment [&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":[3783,3739,3776,3799,3970],"tags":[2880,2881],"class_list":["post-6189","post","type-post","status-publish","format-standard","hentry","category-broker-misconduct","category-finra","category-finra-settlements","category-mutual-funds","category-nonprofits","tag-cetera","tag-mutual-fund-waivers"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Cetera Broker-Dealers Settle With FINRA Over Charging Mutual Fund Sales Fees &#8212; Investor Lawyers Blog<\/title>\n<meta name=\"description\" content=\"A number of Cetera broker-dealers have settled with FINRA for $3.3M over charging mutual fund sales fees to chartiable organizations and retirement plans\" \/>\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\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Cetera Broker-Dealers Settle With FINRA Over Charging Mutual Fund Sales Fees &#8212; Investor Lawyers Blog\" \/>\n<meta name=\"twitter:description\" content=\"A number of Cetera broker-dealers have settled with FINRA for $3.3M over charging mutual fund sales fees to chartiable organizations and retirement plans\" \/>\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":"Cetera Broker-Dealers Settle With FINRA Over Charging Mutual Fund Sales Fees &#8212; Investor Lawyers Blog","description":"A number of Cetera broker-dealers have settled with FINRA for $3.3M over charging mutual fund sales fees to chartiable organizations and retirement plans","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\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/","twitter_card":"summary_large_image","twitter_title":"Cetera Broker-Dealers Settle With FINRA Over Charging Mutual Fund Sales Fees &#8212; Investor Lawyers Blog","twitter_description":"A number of Cetera broker-dealers have settled with FINRA for $3.3M over charging mutual fund sales fees to chartiable organizations and retirement plans","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\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/#article","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/"},"author":{"name":"Shepherd Smith Edwards &amp; Kantas, LLP","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"headline":"Five Cetera Broker-Dealers Settle With FINRA for $3.3M Overcharging Mutual Fund Sales Fees to Charitable Organizations and Retirement Plans","datePublished":"2017-08-23T23:56:32+00:00","dateModified":"2019-09-05T00:14:27+00:00","mainEntityOfPage":{"@id":"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/"},"wordCount":398,"keywords":["Cetera","mutual fund waivers"],"articleSection":["Broker Misconduct","FINRA","FINRA Settlements","Mutual Funds","Nonprofits"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/","url":"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/","name":"Cetera Broker-Dealers Settle With FINRA Over Charging Mutual Fund Sales Fees &#8212; Investor Lawyers Blog","isPartOf":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#website"},"datePublished":"2017-08-23T23:56:32+00:00","dateModified":"2019-09-05T00:14:27+00:00","author":{"@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431"},"description":"A number of Cetera broker-dealers have settled with FINRA for $3.3M over charging mutual fund sales fees to chartiable organizations and retirement plans","breadcrumb":{"@id":"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/www.investorlawyers.com\/blog\/five-cetera-broker-dealers-settle-finra-3-3m-charging-mutual-fund-sales-fees-charitable-organizations-retirement-plans\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.investorlawyers.com\/blog\/"},{"@type":"ListItem","position":2,"name":"Five Cetera Broker-Dealers Settle With FINRA for $3.3M Overcharging Mutual Fund Sales Fees to Charitable Organizations and Retirement Plans"}]},{"@type":"WebSite","@id":"https:\/\/www.investorlawyers.com\/blog\/#website","url":"https:\/\/www.investorlawyers.com\/blog\/","name":"Investor Lawyers Blog","description":"Published By Investment Fraud Attorneys \u2014 Shepherd Smith Edwards &amp; Kantas, LLP","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.investorlawyers.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.investorlawyers.com\/blog\/#\/schema\/person\/e0240e0754684b69f7d6a7de1b9f1431","name":"Shepherd Smith Edwards &amp; Kantas, LLP","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7f8f04990816cd4044977eb59908da8c8d1ae487cc919cebd7027b74a0740a3?s=96&d=mm&r=g","caption":"Shepherd Smith Edwards &amp; Kantas, LLP"},"sameAs":["https:\/\/www.investorlawyers.com\/"]}]}},"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/pedX9K-1BP","_links":{"self":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6189","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/comments?post=6189"}],"version-history":[{"count":1,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6189\/revisions"}],"predecessor-version":[{"id":18245,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/posts\/6189\/revisions\/18245"}],"wp:attachment":[{"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/media?parent=6189"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/categories?post=6189"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investorlawyers.com\/blog\/wp-json\/wp\/v2\/tags?post=6189"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}