Edward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and Stephens Inc—Failure to Waive Sales Charges

investors rights attorneysEdward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and Stephens Inc Allegedly Failed to Waive Mutual Fund Sales Charges on Over 25,000 Charitable and Retiree Accounts

Edward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and Stephens Inc allegedly failed to waive mutual fund sales charges on over 25,000 charitable and retiree accounts, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).

The AWC further alleges that, since July of 2009, the brokerages improperly collected upfront sales charges on Class A shares, unnecessarily sold Class B or Class C shares that carried higher ongoing fees, and purportedly failed to properly train and oversee financial advisers to ensure charges were waived.

Edward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and Stephens Inc Brokerages Agree to Reimburse Combined $18.4 million to Settle U.S. Regulatory Charges

Brokerages Edward Jones, Stifel Financial Corp’s Stifel Nicolaus & Co, Janney Montgomery Scott LLC, AXA SA’s AXA Advisors LLC and Stephens Inc have agreed to reimburse a combined $18.4 million to customers to settle U.S. regulatory charges of failing to waive mutual fund sales charges on more than 25,000 accounts belonging to charities and retirees, the AWC reports.

Edward Jones agreed to make $13.5 million in restitution on roughly 18,000 accounts, the AWC further reports, while restitution will total about $2.95 million from Stifel, $1.16 million from Janney, $602,000 from AXA and $150,000 from Stephens.

It should also be noted that none of the brokerages admitted or denied wrongdoing.

The Peiffer Rosca Wolf Securities Lawyers Often Assist Investors

The Peiffer Rosca Wolf securities lawyers assist investors who lose money as a result of failure to waive sales charges. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.

Investors who believe they lost money as a result of failure to waive sales charges are encouraged to contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1157 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.