WASHINGTON -- An investment advisory firm is facing fraud charges in connection with an undisclosed compensation arrangement the advisors allegedly maintained with their broker involving a set of mutual funds they were recommending to clients.

The SEC claims that over an eight-year period, the Houston-based Robare Group netted $440,000 in payments from a broker for persuading clients to invest in the funds in question, amounting to a clear conflict of interest that the co-owners of the firm failed to disclose.

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