Hilliard Lyons Fined $1 Million by FINRA

Last week, the Financial Industry Regulatory Authority (FINRA) ordered Hilliard Lyons to pay back $1 million to its clients for failing to waive sales fees on mutual funds for eligible institutional clients. FINRA alleged that Hilliard Lyons advisers had been selling retirement plans and charitable organizations mutual fund shares that carried front or back-end sales charges or recurring expenses and fees. Those clients should have received waivers of the sales charges associated with Class A shares of the mutual funds, but were instead sold Class A shares that carried the fees or Class B and C shares with back-end and higher ongoing expenses. In December of last year, Hilliard Lyons admitted that its advisers overcharged 1,060 clients around $716,000 in sales charges that should have been waived. The firm was then censured by FINRA and paid $812,000 in restitution. Other firms FINRA has hit with similar fines include Merrill Lynch, Edward Jones and Baird. Please call us at 312-332-4200 if you lost money with Hilliard Lyons. The call is free.

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