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Securities and Exchange Commission v. Commonwealth Equity Services, LLC
Case Number:
1:19-cv-11655
Court:
Nature of Suit:
Judge:
Firms
Companies
Government Agencies
Sectors & Industries:
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April 01, 2024
SEC Wins $93M Judgment Against Commonwealth Financial
A Massachusetts federal judge has handed victory to the U.S. Securities and Exchange Commission by ordering Commonwealth Financial Network to pay $93.2 million due to its "egregious" failure to disclose conflicts of interest to clients who could have used that information to invest in lower cost mutual funds.
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February 26, 2024
Mass. Judge Won't Rethink SEC Win On Adviser Duty Breach
A Massachusetts federal judge has refused to reconsider a judgment against Commonwealth Financial Network that found it failed to disclose an arrangement with its clearing firm that favored certain mutual funds to investors, saying the company has not identified any new evidence or an error in the court's application of the law.
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May 05, 2023
Mass. Wealth Adviser Asks Judge To Revisit Duty Breach Ruling
Massachusetts-based Commonwealth Financial Network has urged a federal judge to reconsider a judgment against the company that found it failed to tell clients it had a conflict of interest because investments recommended by advisers were based on a revenue-sharing agreement it had with the holder of their assets.
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April 07, 2023
Investment Firm Liable In SEC Conflict Suit, Judge Says
A Boston federal judge agreed with the U.S. Securities and Exchange Commission on Friday that a Massachusetts investment adviser violated federal law when it didn't tell clients about an arrangement with its clearing firm that gave the company financial reasons to encourage investment in certain funds over others.
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August 01, 2019
Mass. Financial Adviser Hid Conflict From Clients, SEC Says
A Massachusetts investment adviser managing $85 billion in assets for hundreds of thousands of clients did not tell investors about an arrangement with its clearing firm that incentivized steering money to certain mutual funds, according to a U.S. Securities and Exchange Commission suit filed Thursday.