(Reuters) - Regulators said one broker on multiple occasions sold
clients' low-cost mutual funds and replaced them with more
expensive funds and annuities. They said the same broker also
once sold an 80-year-old client's certificate of deposit and
replaced it with an inappropriate variable annuity.
Another broker, meanwhile, failed to exchange a customer's
securities in a manner that would have avoided the payment of
sales charges and given the benefit of available "breakpoints"
on commissions, the regulators said.
Read more at Reuters.com Government Filings News
clients' low-cost mutual funds and replaced them with more
expensive funds and annuities. They said the same broker also
once sold an 80-year-old client's certificate of deposit and
replaced it with an inappropriate variable annuity.
Another broker, meanwhile, failed to exchange a customer's
securities in a manner that would have avoided the payment of
sales charges and given the benefit of available "breakpoints"
on commissions, the regulators said.
Read more at Reuters.com Government Filings News
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