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News April 10, 2017 Issue

No Disgorgement or Fines for Adviser in 12b-1 Fee Settlement

It was just nine months ago that the SEC issued a risk alert saying it would be looking hard at advisory firms that failed to disclose when placing clients in mutual fund share classes that are more expensive than others and only three weeks later charged an adviser for doing just that. On March 29, however, that firm, in a settlement with the agency, walked away without having to provide disgorgement or pay any fines.

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