Actions against Respondents, 79 investment advisers, for alleged violations of the antifraud and compliance provisions of the Advisers Act. According to the SEC, Respondents invested client funds in mutual fund share classes that charged 12b-1 fees directly or indirectly received by Respondents when less expensive share classes were available and failed to properly disclose this conflict of interest to their clients. The settlements stem from the SEC’s Share Class Selection Disclosure Initiative, which generally offered favorable settlement terms for self-reporting and remediation of these types of violations. Respondents will return a total of more than $125 million to investors.

SEC Press Release

SEC Share Class Selection Disclosure Initiative

 

SEC Orders:

Ameritas Investment Corp.

AXA Advisors, LLC

BB&T Securities, LLC

Beacon Investment Management LLC

Benchmark Capital Advisors LLC

Benjamin F. Edwards & Co., Inc.

Blyth & Associates, Inc.

BOK Financial Securities, Inc.

Calton & Associates, Inc.

Cambridge Investment Research Advisors, Inc.

Cantella & Co., Inc.

Client One Securities, LLC

Coastal Investment Advisors, Inc.

Comerica Securities, Inc.

Commonwealth Equity Services, LLC

CUSO Financial Services, L.P.

D.A. Davidson & Co.

Deutsche Bank Securities Inc.

EFG Asset Management (Americas) Corp.

Financial Management Strategies, Inc.

First Citizens Asset Management, Inc.

First Citizens Investor Services, Inc.

First Kentucky Securities Corporation

First National Capital Markets, Inc.

First Republic Investment Management, Inc.

Hazlett, Burt & Watson, Inc.

Hefren-Tillotson, Inc.

The Huntington Investment Company

Infinex Investments, Inc.

Investacorp Advisory Services, Inc.

Investmark Advisory Group LLC

Investment Research Corp

J.J.B. Hilliard, W.L. Lyons, LLC

Janney Montgomery Scott LLC

Kestra Advisory Services, LLC

Kestra Private Wealth Services, LLC

Kovack Advisors, Inc.

L.M. Kohn & Company

LaSalle St. Investment Advisors, L.L.C.

Lockwood Advisors, Inc.

LPL Financial LLC 

M Holdings Securities, Inc.

MIAI, Inc.

National Asset Management, Inc.

NBC Securities, Inc.

Next Financial Group, Inc.

Northeast Asset Management, LLC

Oppenheimer & Co. Inc.

Oppenheimer Asset Management Inc.

Park Avenue Securities LLC

PlanMember Securities Corporation

Popular Securities, LLC

Principal Securities, Inc.

Private Portfolio, Inc.

ProEquities, Inc.

Provise Management Group, LLC

Questar Asset Management, Inc.

Raymond James Financial Services Advisors, Inc.

Raymond Lawrence Lent (d/b/a The Putney Financial Group, Registered Investment Advisors)

RBC Capital Markets, LLC

Robert W. Baird & Co. Incorporated

Ryan Financial Advisors, Inc.

SA Stone Investment Advisors Inc.

Santander Securities LLC

Select Money Management, Inc.

Silversage Advisors

Sorrento Pacific Financial, LLC

Spire Wealth Management, LLC

SSN Advisory, Inc.

Stephens Inc.

Stifel, Nicolaus & Company, Incorporated

Summit Financial Group, Inc.

Syndicated Capital, Inc.

TIAA-CREF Individual & Institutional Services, LLC

Transamerica Financial Advisors, Inc.

Trustcore Financial Services, LLC

Wells Fargo Advisors Financial Network, LLC

Wells Fargo Clearing Services, LLC

Woodbury Financial Services, Inc.