The Financial Industry Regulatory Authority (FINRA) has ordered five firms to pay more than $18 million, including interest, in restitution to affected customers after it found that they had failed to waive mutual fund fees for eligible charitable organizations and retirement accounts.

The firms, and the restitution amounts they were ordered to pay, are the following:

  • Edward D. Jones & Co., L.P., $13.5 million

  • Stifel Nicolaus & Company, Inc., $2.9 million

  • Janney Montgomery Scott, LLC, $1.2 million

  • AXA Advisors, LLC, $600,000

  • Stephens Inc., $150,000

Although mutual fund class A shares typically have lower fees than other share classes, they generally collect an initial sales charge from customers.

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