{"id":7275,"date":"2019-08-08T12:29:25","date_gmt":"2019-08-08T17:29:25","guid":{"rendered":"https:\/\/www.investorlawyers.com\/?p=7275"},"modified":"2019-08-21T12:32:06","modified_gmt":"2019-08-21T17:32:06","slug":"elder-investor-fraud-lead-to-sec-cases","status":"publish","type":"post","link":"https:\/\/www.investorlawyers.com\/blog\/elder-investor-fraud-lead-to-sec-cases\/","title":{"rendered":"Mispriced Funds and Elder Investor Fraud Lead to SEC Cases"},"content":{"rendered":"

State Street To Pay More Than $88M After Overcharging For Mutual Funds<\/strong><\/p>\n

State Street Bank and Trust Company will pay over $88M to resolve US Securities and Exchange Commission<\/a> charges accusing it of overcharging investment advisory clients, including mutual funds, for expenses related to its custody of client assets. From 1998 to 2015, State Street allegedly collected $170M in overcharges involving out-of-pocket custodial costs that it paid on behalf of clients. While the clients had consented to pay for these costs, they did not agree to being overcharged for them.<\/p>\n

Of the $170M in excessive charges, $110M was for a concealed markup added to the charge for transmitting financial messages via the Society of Worldwide Interbank Financial Telecommunication (SWIFT)<\/a> network. As part of the settlement, State Street will pay almost $49M of disgorgement plus prejudgment interest and a $40M penalty.<\/p>\n

Continue Reading \u203a<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"

State Street To Pay More Than $88M After Overcharging For Mutual Funds State Street Bank and Trust Company will pay over $88M to resolve US Securities and Exchange Commission charges accusing it of overcharging investment advisory clients, including mutual funds, for expenses related to its custody of client assets. From 1998 to 2015, State Street […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[3810,3962,3977,3760,3761,3803],"tags":[4115,4116,4117,4118],"class_list":["post-7275","post","type-post","status-publish","format-standard","hentry","category-cftc","category-microcap-market-fraud","category-pump-and-dump-scams","category-sec-enforcement","category-securities-and-exchange-commis","category-senior-investors","tag-garrett-orourke","tag-michael-j-black","tag-state-street-bank-and-trust-company","tag-swapnil-rege"],"yoast_head":"\nMispriced Funds and Elder Investor Fraud Lead to SEC Cases | SSEK Law Firm<\/title>\n<meta name=\"description\" content=\"The SEC has filed fraud charges against two men accusing them of operating a pump and dump scam that allegedly defrauded older retail investors.\" \/>\n<meta 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