Dozens of Advisers Face Claims of Overcharging for Mutual Funds

[mahatmakanejeeves]

More than 50 advisers are under pressure to settle federal claims they steered customers to funds with excessive fees

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Dozens of Advisers Face Claims of Overcharging for Mutual Funds
More than 50 investment advisers are under pressure to settle federal claims they steered customers to mutual funds that charged excessive fees, according to people familiar with the matter

By Dave Michaels and Gabriel T. Rubin
Jan. 31, 2019 7:00 a.m. ET

More than 50 investment advisers are under pressure to settle federal claims they steered customers to mutual funds that charged excessive fees, according to people familiar with the matter.

The Securities and Exchange Commission’s civil enforcement campaign to limit the fee-steering practice has unnerved Wall Street firms and smaller financial advisers, the people said. Money managers have been caught off guard by the extent of the investigations, initially announced in February 2018.

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[SWBTATTReg]

1. Can't make enough money normally, eh? I'm really surprised that this is happening being that ...

under rump, things are generally going backwards (not being enforced, etc.). I guess Wall Street is still very afraid of the markets collapsing again as they did in 2007/08/09. Only fifty of these people too? Wonder just how many of these people are out there that haven't been caught? Obviously the industry isn't self regulating itself so this should send out a red flag for those of us on DU that invest in mutual funds, etc.

And, in a way, why hasn't the guy that supposed rescued Sears (Lampert, who has been accused of self-dealing in this rescue) is just as guilty of such behavior (vastly overcharging Sears for all kinds of 'fees' etc., which in effect accelerated the collapse of Sears even faster). Why a discrepancy in enforcement? The behaviors are pretty well the same.