MML Investor Services Ordered to Pay Investors Restitution
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FINRA recently announced that MML Investor Services was ordered to pay restitution to investors to resolve an administrative complaint. Here are the details:
- FINRA found that from January 2013 until March 2017, MML allowed its advisors to steer investors into higher fee funds. The fine concerns customers who had 529 accounts with MML.
- FINRA previously fined MML $1.8 million for excessive fees charged to charitable organizations and retirement plans.
- MML was ordered to pay restitution of $617,726.28 to the investors that were impacted.