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SEC Orders Firm to Pay Refunds for Overcharging Clients

In a settled administrative proceeding, the SEC found that Barclays Capital, Inc. ("Barclays") charged fees for due diligence and monitoring services that weren't performed, collected excess mutual fund sales charges or fees, and made miscalculations and billing errors. The SEC charged Barclays with violations of Sections 206(2), 206(4) and 207 of the Investment Advisers Act and Rule 206(4)-7 thereunder, as well as Sections 17(a)(2) and 17(a)(3) of the Securities Act. Barclays agreed to settle the charges by paying over $97 million in disgorgement, interest and fines.

Primary Sources

  1. SEC Press Release: "Barclays to Pay $97 Million for Overcharging Clients" (May 10, 2017)
  2. SEC Order Instituting Proceedings against Barclays Capital for Violations of Investment Advisers Act and Securities Exchange Act

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Tags

Regulated Activities
Suitability and Consumer Protection Supervision / Compliance Disclosures Trading
Sub-Activity
Trading Markups
Regulated Entities
Broker-Dealers Adviser / CTA / CPO
Regulated Products
Investment Funds (as Regulated Product)
Sub-Product
Public Funds / RICs
Body of Law
Securities Law
Jurisdiction
US - Federal
Organization
SEC