South Florida Arbitration & Litigation Lawyer Blog
Legend Equities Corporation (CRD #30999, Palm Beach Gardens, Florida) recently submitted an Acceptance, Waiver and Consent in which the firm was censured and required to provide FINRA with a plan to remediate eligible customers who qualified for, but did not receive, the applicable mutual fund sales-charge waiver. As part of this settlement, the firm agrees to pay restitution to eligible customers, which is estimated to total $2,300,188 (the amount eligible customers were overcharged, inclusive of interest). The firm will also ensure that retirement andcharitable waivers are appropriately applied to all future transactions. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it disadvantaged certain retirement plan and charitable organization customers thatwere eligible to purchase Class A shares in certain mutual funds without a front-end sales charge.
To review a complete copy of the Acceptance, Waiver and Consent.
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