PNC Investments, Securities America & Geneos Wealth Management agree to pay nearly $15M for failing to disclose conflicts and putting clients into higher-cost mutual fund shares
These firms breached their fiduciary duties to clients & generated “millions of dollars of improper fees in the process”
“Investment advisors putting their clients into higher fee share classes when lower cost ones are available is a widespread problem” – Steven Peikin, co-director of the SEC’s Enforcement Division