WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Friday that financial services firm Edward Jones has agreed to pay $75 million to settle charges related to its 529 college savings plans and preferred mutual fund family program.
The SEC said Edward Jones did not adequately disclose its financial incentives to sell mutual funds from the preferred families of mutual funds. The agency also said the firm did not make adequate disclosures for its 529 college savings plan.
Edwards Jones settled without admitted or denying the charges.
As part of the settlement, Edward Jones agreed to increase disclosures on its Web site about the preferred mutual fund family program and the savings plan. It also agreed to pay $37.5 million in disgorgement and $37.5 million in civil penalties.
Reporting by Karey Wutkowski
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