FINRA Requires No Fine Where Broker-Dealer Members Provided “Extraordinary Cooperation” After Allegedly Overcharging Fees to Certain Customers

A variety of broker-dealers were evaluated censures but no fines in settlements with the Financial Industry Regulatory Authority associated with their deal and sale of shares of shared funds to retirement strategies and charitable company clients with front-end sales charges when they were qualified to buy shares without such charges. FINRA stated each of the companies evidenced “remarkable cooperation” by having started an internal examination prior to being gotten in touch with by a regulator; developing a plan of removal; self-reporting; taking restorative actions; and carrying out restorative actions “prior to detection or intervention by a regulator.”.