March 14, 2016
Royal Alliance Associates, Inc., SagePoint Financial, Inc., FSC Securities Corporation
SANCTION AMOUNT: $9,549,859
Defendants: Royal Alliance Associates, Inc., SagePoint Financial, Inc., FSC Securities Corporation
Settlement of charges against three AIG affiliates that they failed to disclose conflicts of interest in steering mutual fund clients in share classes that charged fees for marketing and distribution despite the clients being eligible to buy shares in fund classes without those additional charges, enabling the firms to collect approximately $2 million in extra fees.
- Key Docs
- Official SEC press release