Hilliard Lyons agreed to pay back nearly $1 million to its clients for failing to waive sales fees on mutual funds for eligible institutional clients, according to FINRA.
In the latest settlement between a brokerage and the regulator over failures to waive such fees, Hilliard Lyons, after an internal investigation, determined that its advisers had been selling retirement plans and charitable organizations mutual fund shares that carried front- or back-end sales charges or recurring expenses and fees.
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