Wells Fargo, Raymond James, LPL to repay investors more than $30 million for mutual fund overcharges

I’m guessing no executives will be replaced or lose their bonuses, though.

Three major broker-dealers must repay investors more than $30 million after improperly charging them for mutual funds that were purchased for retirement accounts and charities, Finra announced Monday.

The Financial Industry Regulatory Authority Inc. ordered the restitution from Wells Fargo ($15 million), Raymond James ($8.7 million) and LPL Financial ($6.3 million) after the firms failed to waive sales loads for Class A mutual fund shares sold between July 2009 and the end of 2014.

via Wells Fargo, Raymond James, LPL to repay investors more than $30 million for mutual fund overcharges.

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