SEC fines Private Advisor Group $5.8 million for using high-fee mutual funds
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It's the latest action in the SEC's long-running campaign to crack down on disclosure and best-execution failures involving 12b-1 fees.
The Securities and Exchange Commission announced Friday that it imposed a $5.8 million penalty on Private Advisor Group for recommending high-fee mutual funds to clients and failing to disclose related conflicts of interest.
The SEC alleged that since July 2014, the firm had invested client asset
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