Call Now For a Free Consultation:
(614) 532-4576
Nationwide Representation

Geneos, Securities America, and PNC Settle with SEC, Will Pay Clients More than $12 Million

Geneos Wealth Management Inc., Securities America Advisors Inc., and PNC Investments recently settled with the Securities and Exchange Commission (SEC) over charges of breaching fiduciary duty which resulted in the generation of millions of dollars of improper fees.

According to the SEC, the firms will pay almost $15 million in total, more than $12 million of which will go to clients. The SEC reported that the corporations invested their clients’ funds in higher-cost mutual fund shares, despite the fact that lower cost shares were available for the same funds, a violation of their duty to seek best execution, and also failed to disclose conflicts of interest. Geneos was also charged with failing to include a note in its 2017 disclosure brochure that the revisions to its mutual fund selection disclosures were a "material change."

Financial advisors owe their clients a fiduciary duty, meaning that they are required to put their clients’ interests ahead of the institutions’ interests. Failure to do so is a breach of that fiduciary duty.

"We strongly encourage eligible firms to participate in the recently announced Share Class Selection Disclosure Initiative as part of an effort to stop these violations and return money to harmed investors as quickly as possible," said C. Dabney O'Riordan, co-head of the SEC's asset management unit.

If you were the victim of investment misconduct from a financial advisor or brokerage firm, you deserve the chance to fight for the compensation you deserve. Our investment loss attorneys at Meyer Wilson have spent years working with clients across the United States, and through our efforts have secured more than $350 million in verdicts and settlements. Fill out our online form to schedule a free case consultation with a member of our firm, or give us a call today to discuss your situation over the phone.

Related Posts:

The information contained in The Firm’s posts on its blog, fraud alerts, investigations or elsewhere on the site is based upon information obtained from other sources including, but not limited to, news outlets and federal, state, and regulatory agency filings. All suspects and subjects of postings herein are presumed innocent until proven guilty in a court of law or administrative action and any and all crimes are alleged until a court or regulatory agency finds otherwise .

Share This Story
If you found the information provided by this article useful, consider sharing to your social media channels to help others in their search for reliable resources.
Consult with Our Legal Team
There is never a cost associated with a consultation
Atlanta Office

945 East Paces Ferry Road, Suite 2275
Atlanta, GA 30326
Columbus Office

305 W. Nationwide Blvd
Columbus, OH 43215
Meyer Wilson
New Orleans Office

900 Camp Street 
Suite 337
New Orleans, LA 70130
Los Angeles Office

2029 Century Park East,
Suite 400N
Los Angeles, CA 90067
Cleveland Office

4781 Richmond Rd.
Suite 400
Warrensville Heights, OH 44128
Bloomfield Hills Office

41000 Woodward Ave.,
Suite 350
Bloomfield Hills, MI 48304
Quick Links
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter. No recipients of content from this site, clients or otherwise, should act or refrain from acting on the basis of any content included in the site without seeking the appropriate legal or other professional advice on the particular facts and circumstances at issue from an attorney licensed in the recipient's state. Read More
The information contained in this Website is provided for informational purposes only, and should not be construed as legal advice on any subject matter.
Read More
chevron-down linkedin facebook pinterest youtube rss twitter instagram facebook-blank rss-blank linkedin-blank pinterest youtube twitter instagram