In the Margins

SEC charges AIG units over fund share class sales

March 16, 2016

By MarketWatch

The Securities and Exchange Commission has charged three units of American International Group with steering clients into more expensive mutual fund share classes so they could collect more fees. The firms—Royal Alliance Associates, SagePoint Financial, and FSC Securities Corp.—didn't admit or deny the charges, disgorged $2 million and paid a $7.5 million penalty. Read the original story from MarketWatch.

 

 

Most Read

10 Things
10 Things...to know about BDCs

Congress created business development companies in 1980 to support job growth and help emerging companies raise funds. As of 2023, there were 139 BDCs with $312 ...

Top of the Agenda - Succession
Vanguard nominates two, as two hit retirement

The Vanguard board expects to add two new independent directors in early 2025 to fill seats that will be vacated when two long-serving independents retire. The ...