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
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.
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.
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.
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.
Sorrento Pacific Financial, LLC
Spire Wealth Management, LLC
SSN Advisory, 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.