FINRA Fines Fidelity Brokerage $350,000 for Overcharging Customers

Free FINRA - Fidelity Claim Evaluation
  • The submission of information to Milberg LLP or one of its attorneys does not create, and the receipt of it does not constitute, an attorney-client relationship. This website presents general information about, among other things, Milberg LLP, currently pending lawsuits, and on-going investigations, which is not intended to be legal advice, nor should you consider it as such. Nothing said herein is intended to waive the privilege that applies when contacting a lawyer for the purpose of exploring legal representation. Contacting Milberg LLP does not, and should not, limit you in any way from seeking legal advice regarding this or any other matter. By submitting this form, you agree that Milberg LLP may contact you about this or other potential matters of interest to investors and consumers.

The Financial Industry Regulatory Authority (FINRA) fined Fidelity Brokerage Services LLC of Smithfield, Rhode Island $350,000 for overcharging 20,663 customer accounts approximately $2.4 million. Fidelity submitted an Accept, Waiver and Consent form (AWC) without admitting or denying the FINRA findings which indicated that the firm failed to employ reasonable supervisory systems or procedures to ensure that customer fee charges for third-party managed accounts were accurate.  In addition, Fidelity voluntarily reimbursed the disadvantaged customer accounts, with interest. FINRA also discovered that Fidelity failed to institute suitable supervisory systems and written procedures to confirm that customers received accurate disclosures involving the firm’s Asset-Based Pricing Program for accounts managed by third-party investment advisers. If you would like more information, please fill out the form on the right or contact the following attorney: Andrei Rado, Esq. Milberg LLP One Pennsylvania Plaza, 49th Fl. New York, NY 10119-0165 Phone number: (800) 320-5081 Email: contactus@milberg.com Milberg LLP has been representing consumers and investors for more than four decades and serves as lead counsel in federal and state courts throughout the United States.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.