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SEC fines retired adviser more than $750K over 12b-1 fees
These disclosures did not adequately disclose all material facts regarding the conflicts of interest that arose when it invested advisory clients through the Introducing Broker-Dealer in a mutual fund share class that would generate and pay 12b-1 fees to KMA while share classes of the same funds were available through other broker-dealers that did not pay or paid less 12b-1 fees.
