WASHINGTON (CN) - Transamerica Financial Advisors, of St. Petersburg, Fla., will pay more than $1 million for overcharging clients, the SEC said in a settled complaint.
"As a result of the SEC investigation, the firm reviewed client records and has reimbursed 2,304 current and former client accounts with refunds and credits totaling $553,624 including interest," the SEC said in a statement. "In the settlement, Transamerica has agreed to pay an additional $553,624 penalty."
The SEC said in the statement that "Transamerica failed to properly aggregate client accounts so that they could receive a fee discount, and this systemic breakdown caused retail investors to overpay for advisory services in thousands of client accounts."
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