Voya Financial Advisors Inc. will pay $22.9 million to resolve SEC allegations it misled clients about mutual fund and other investment costs and didn’t disclose conflicts of interest, the agency said.
The firm’s clients didn’t know about a revenue-sharing deal with a broker and sometimes paid more money than necessary between 2013 and 2018, the Securities and Exchange Commission said in an order filed Monday.
The case is the latest in a series of actions the agency has taken since 2019 over 12b-1 fees investment firms charge clients for mutual fund share classes. Wells Fargo & Co., Raymond James Financial ...
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