Investment advisers PNC Investments, Securities America Advisors, and Geneos Wealth Management have settled charges for breaching fiduciary duties to clients and generating millions of dollars of improper fees in the process. According to the SEC’s orders, the three firms failed to disclose conflicts of interest and violated their duty to seek best execution by investing advisory clients in higher-cost mutual fund shares when lower-cost shares of the same funds were available. The SEC also charged Geneos for failing to identify its revised mutual fund selection disclosures as a “material change” in its 2017 disclosure brochure. Collectively, the firms will pay almost $15 million, with more than $12 million going to harmed clients. Read the statement from the SEC.