Commonwealth Financial Sanctioned for Overcharges

Commonwealth Financial Returns $900,000 to investors

According to the Financial Industry Regulatory Authority (FINRA) this week, the regulator has sanctioned Commonwealth Financial Network for overcharging retirement plan investors via mutual fund share classes.

According to a Letter of Acceptance, Waiver and Consent, FINRA found that between 2009 and 2017, Commonwealth was allegedly responsible for overcharging mutual fund investors by $766,295.

Commonwealth has paid $888,337 in restitution to eligible customers after FINRA recognized the firm for cooperating and for conducting its own internal review of mutual fund overcharging in 2015.

According to the AWC, certain Commonwealth retirement plan and charitable organization customers who were eligible to purchase class A share mutual funds without front-end sales loads were sold funds with loads or with higher ongoing fees and expenses.

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This information is publicly available on FINRA’s website and provided to you by The White Law Group. For a free consultation with a securities attorney, please call the offices at 888-637-5510.

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