Monday, December 20, 2004

Edward D. Jones & Co. SEC Settlement

Edward D. Jones & Co., a nationwide brokerage firm that caters largely to individual investors has agreed to settle SEC charges and pay a $75 million fine, according to a report in the Wall Street Journal (Dec. 20).  The firm settled charges that it marketed mutual funds to its customers as among the "best" choices available to investors without disclosing that the funds paid the firm a fee to be included on the list--a fact that any reasonable investor would--or at least should--consider quite important in making a decision about what assets to purchase.  The settlement is part of a continuing effort by the SEC to police conflicts of interest on Wall Street, and another example that sometimes the difference between a broker and a used car salesman can be quite small. (ph)

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Civil Enforcement, Securities | Permalink

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