The Financial Industry Regulatory Authority (Finra) ordered PFS Investments Inc to pay rehabilitation to customers who paid excessive fees.
From August 2019 to July 2024, the PFS Investments failed to establish and maintain a system that was reasonably designed to oversee the implementation of exemptions from sales and sales deductions and deductions to which customers were entitled through rehabilitation rights.
Consequently, customers paid $ 710,738.55 to excessive charges and sales fees during the relative period.
As a result, PFS investments violated the rules of Finra 31 L0 (A) and 2010. For these violations, the business is doomed and is required to pay $ 710,738.55 in compensation.
Finra notes that no fine was imposed because of the excellent cooperation of the business.
PFS Investments has been a member of Finra since 1981.