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The SEC alleged that by putting investors in higher-cost share classes, for which it was compensated, Cetera’s corporate RIA received about $5 million more in 12b-1 fees than if it had put clients in lower-fee share classes.
The regulator says Cambridge Capital Group Advisors defrauded 20 investors, most of whom were retired NFL players who claimed brain injuries from concussions suffered while playing professional football.
Erik Davidson, former chief investment officer at Wells Fargo’s private bank, is joining Inspire Investing, a 'biblically responsible' investment firm, as chief economic advisor.