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Broker Violated Reg BI With Mutual Fund Switches: FINRA
News July 10, 2024 at 10:30 AM
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What You Need To Know
- The broker effected 25 short-term switches of Class A mutual funds, which are generally intended to be held long term.
- The unsuitable recommendations caused two older clients to pay $40,972.50 in excessive sales fees.
- The broker engaged in a pattern of switching between different mutual fund families.
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