Emerson Equity Fined and Ordered to Pay Investors Restitution

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FINRA recently announced that Emerson Equity and its principal have agreed to a fine. Here are the details:

  • From January 2015 through June 2020, the firm allegedly failed to supervise the short term trading of class A and B mutual funds.
  • This practice is known as “mutual fund switching” and resulted in customers paying more than $1.6 million in front end loads and/or sales charges.
  • Emmerson Equity agreed to pay restitution of over $1.6 million. The firm also agreed to pay FINRA a fine of $60,000.

FINRA’s Order Requiring Emerson Equity to Pay Restitution

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