SEC Clears 2 Brokers, Firm of Fraud Charges
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From Bloomberg News
Two brokers and a California investment advisory firm were cleared by the Securities and Exchange Commission, which overturned a ruling by an administrative law judge that the defendants had committed civil fraud.
The SEC’s enforcement division had accused FSC Securities Corp. brokers Michael Flanagan and Ronald Kindschi and Spectrum Administration Inc. of Seal Beach of failing to inform clients of mutual fund fees. FSC is a unit of American International Group Inc.
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