FINRA orders PFS Investments to pay $710k in restitution to customers who paid excess fees

PFS Investments to Repay $710,000 Over Mutual Fund Fee Failures

FINRA explained that between August 2019 and July 2024, customers entitled to cost reductions through “rights of reinstatement,” a benefit allowing investors to reinvest in certain funds without incurring front-end sales charges or to reclaim deferred sales charges, were charged excess fees.  The shortfall is attributed to the firm’s reliance on manual processes, which left the responsibility for requesting discounts with registered representati…

FINRA orders PFS Investments to pay $710k in restitution to customers who paid excess fees

PFS Investments Inc has agreed to pay $710,738.55 in restitution to customers who paid excess sales charges and fees.