Patrick Donachie

Hybrid b/d and RIA Cascade Investment Group recommended high-fee mutual fund share classes when cheaper options were available and failed to disclose the fact, the SEC claims.

The private equity firm will help the company pursue 'continued growth, technology development and expansion by acquisition,' according to the RIA. Founder and CEO Ron Carson will still be the majority owner.

The settled charges come after a pair of investigations by the New York state attorney general and the SEC, who both argued TIAA-CREF pushed investors into managed accounts with higher fees.

According to the SEC, the affiliated broker for Kestra Advisory Services and Kestra Private Wealth Services received compensation when clients' assets were invested in certain mutual fund share classes.

The SEC argued that Westport Capital Markets and its owner, Christopher E. McClure, had 'generated significant undisclosed compensation' to the detriment of their clients.

Wirehouse advisors reported lower levels of support and greater levels of business disruption over the last year compared to non-wirehouse and independent advisors, according to a J.D. Power survey.

The SEC charged John Robert Jones Jr. for selling unregistered funds that eventually lost $2.6 million of clients' investments.

The regulator claims Securities America staff received at least 55 automated alerts concerning one advisor’s suspicious activity, yet failed to escalate them.