SEC Charges TD Ameritrade for Failing to Supervise its Representatives Who Sold Shares of the Reserve Yield Plus Fund

SEC Release 34-63829

Date

February 3, 2011

The SEC announced a civil administrative proceeding against a broker for failing to reasonably supervise registered representatives who allegedly misled customers when selling shares of a mutual fund that "broke the buck." The SEC order alleges that the firm's representatives mischaracterized the fund as a "money market fund, as safe as cash, or as an investment with guaranteed liquidity."

Cross References

SEC Press Release 2011-36