|
|
|
|
Dean Witter Sanctioned For Failure to Supervise Broker Who Switched Clients' Mutual Funds
$157,000 in sales charges imposed upon customers were the result of Dean Witter's failure to supervise a broker who had impermissibly switched his customers from one mutual fund to another with no justification for doing so over a 2 ½ year period.
The broker held his customers' mutual funds an average of only 8 months (some funds he held for only 2 months), before switching them for another fund.
Dean Witter consented to a $200,000 fine and $277,000 in customer reimbursement.
Source: SEC News Digest, August 28, 2000
|
Sponsored by James J. Eccleston. This Web site contains material of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment adviser when building and protecting your wealth.
All content Copyright © 2010 Advocate Compliance Partners, Inc. except where noted. All rights reserved.
One North Franklin Street, Suite 2620, Chicago, IL 60606
Telephone 312-332-0000 | Fax 312-332-0003
|
|
|
|
|
