{"id":7272,"date":"2019-07-26T15:24:28","date_gmt":"2019-07-26T20:24:28","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7272"},"modified":"2020-09-17T09:10:21","modified_gmt":"2020-09-17T14:10:21","slug":"56-brokerage-firms-to-pay-89m-to-retirement-and-charitable-accounts","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/56-brokerage-firms-to-pay-89m-to-retirement-and-charitable-accounts\/","title":{"rendered":"56 Brokerage Firms to Pay $89M to Retirement and Charitable Accounts"},"content":{"rendered":"<p>The <a href=\"http:\/\/www.finra.org\" target=\"_blank\" rel=\"noopener noreferrer\">Financial Industry Regulatory Authority (FINRA) <\/a>announced that because of its <a href=\"https:\/\/www.finra.org\/newsroom\/2019\/finra-announces-final-results-mutual-fund-waiver-initiative\" target=\"_blank\" rel=\"noopener noreferrer\">mutual fund waiver initiative<\/a>, it has arrived at a settlement with 56 broker-dealers that will provide almost 110,000 retirement and charitable accounts with $89M in restitution.<\/p>\n<p>Two of the firms, Western International Securities and Park Avenue Securities, settled on the same day that the self-regulatory organization (SRO) announced the multi-firm resolution. According to FINRA, the brokerage firms neglected to wave mutual fund sales charges for accounts that were eligible and they <a href=\"https:\/\/www.investorlawyers.com\/investor-claims\/broker-misconduct\/failure-to-supervise\/\" target=\"_blank\" rel=\"noopener noreferrer\">did not properly supervise<\/a>\u00a0the \u00a0sales.<\/p>\n<h2><strong>FINRA\u2019s Mutual Fund Waiver Initiative<\/strong><\/h2>\n<div class=\"read_more_link\"><a href=\"https:\/\/www.investorlawyers.com\/blog\/56-brokerage-firms-to-pay-89m-to-retirement-and-charitable-accounts\/\"  title=\"Continue Reading 56 Brokerage Firms to Pay $89M to Retirement and Charitable Accounts\" class=\"more-link\">Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Financial Industry Regulatory Authority (FINRA) announced that because of its mutual fund waiver initiative, it has arrived at a settlement with 56 broker-dealers that will provide almost 110,000 retirement and charitable accounts with $89M in restitution. Two of the firms, Western International Securities and Park Avenue Securities, settled on the same day that the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":6762,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3773,3783,3739,3799,3745],"tags":[4130],"class_list":["post-7272","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-broker-fraud","category-broker-misconduct","category-finra","category-mutual-funds","category-retirement-funds","tag-mutual-fund-waiver-initiative"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>56 Brokerage Firms to Pay $89M to Retirement and Charitable Accounts | Investor Lawyers<\/title>\n<meta name=\"description\" content=\"FINRA announced that because of its mutual fund waiver initiative, it has arrived at a settlement with 56 broker-dealers that will provide $89M in restitution.\" \/>\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\/56-brokerage-firms-to-pay-89m-to-retirement-and-charitable-accounts\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"56 Brokerage Firms to Pay $89M to Retirement and Charitable Accounts | Investor Lawyers\" \/>\n<meta name=\"twitter:description\" content=\"FINRA announced that because of its mutual fund waiver initiative, it has arrived at a settlement with 56 broker-dealers that will provide $89M in restitution.\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.investorlawyers.com\/blog\/wp-content\/uploads\/2019\/01\/1.7.19.jpeg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shepherd Smith Edwards &amp; 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