(Reuters) - NEW YORK, June 21 - The NASD said on Thursday it
fined Wachovia Securities LLC $2 million and ordered it to pay
restitution to more than 1,300 customers for what it said were
excessive fees in fee-based brokerage accounts.
The regulator said Wachovia Securities charged
inappropriate fees to several hundred customers for maintaining
accounts, even though they did not conduct any trades. It also
said several hundred customers who bought Class A mutual fund
shares were charged duplicative account fees despite paying
sales charges. The violations took place from 2001 to 2004, the
NASD said.
Read more at Reuters.com Government Filings News
fined Wachovia Securities LLC $2 million and ordered it to pay
restitution to more than 1,300 customers for what it said were
excessive fees in fee-based brokerage accounts.
The regulator said Wachovia Securities charged
inappropriate fees to several hundred customers for maintaining
accounts, even though they did not conduct any trades. It also
said several hundred customers who bought Class A mutual fund
shares were charged duplicative account fees despite paying
sales charges. The violations took place from 2001 to 2004, the
NASD said.
Read more at Reuters.com Government Filings News
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