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Transamerica Fined in 2014

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Transamerica Financial Advisors was fined more than $550,000 for failing to apply advisory fee discount–breakpoints– to its programs, which was contrary to its disclosures to clients and to its policies and procedures. Transamerica Financial Advisors represented that some accounts may have holdings added together for the purpose of applying volume breakpoint discounts, but failed to do so. The firm failed to adopt and implement adequate policies and procedures to be sure that the costs were calculated as represented. The firm knew it had not done correct calculations in early 2010, but failed to promptly act to correct the situation.
(April 3, 2014 SEC 3-15822)


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