(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 Bonds 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 Bonds News
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