SEC Fines 15 Brokerage Firms

[dArKeR]

 Fifteen brokerage firms accused of overcharging large-scale investors in mutual funds have reached settlements with regulators that will require them to pay civil penalties totaling some $21.5 million, the regulators announced Thursday.

The settlements with the Securities and Exchange Commission and the National Association of Securities Dealers also will require the brokerages to make refunds to customers. The fines levied on the firms are equivalent to the estimated amount they overcharged customers over a two-year period, the regulators said.

The firms include American Express Financial Advisors, which agreed to pay a $3.7 million fine; Raymond James Financial Services, which is paying $2.6 million; and Wachovia Securities, $4.8 million.

http://www.cbsnews.com/stories/2004/02/12/national/main599978.shtml

[aquart]

1. Wrist? Slap.

These fines do not even equal the bonus of ONE top executive.

I spit on these fines. They're nothing but an incentive to steal.