WASHINGTON (Reuters) - The U.S. Securities and Exchange Commission said on Friday it had fined PNC Investments LLC, Securities America Advisors LLC and Geneos Wealth Management Inc. around $15 million collectively for allegedly breaching fiduciary duties to clients and generating millions of dollars of improper fees.
The advisers did not admit or deny the findings in the settlements. The SEC said that $12 million of the fines will go to harmed clients. PNCI will pay the most, $6.41 million in disgorgement and prejudgment interest, along with a $900,000 penalty.
Reporting by Lisa Lambert