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Rating:Reserve Fund Sales Land TD Ameritrade in Hot Water with Regulators Not Rated 0.0 Email Routing List Email & Route  Print Print
Tuesday, August 03, 2010

Reserve Fund Sales Land TD Ameritrade in Hot Water with Regulators

News summary by MFWire's editors

The Pennsylvania Securities Commission lodged a civil complaint against TD Ameritrade over sales of the Reserve Yield Plus Fund, Dow Jones reports.

Regulators accused the firm of committing fraud. According to the June 17 complaint, TD Ameritrade and Amerivest Investment Management repeatedly told investors that the fund was a money-market fund instead of a cash-enhanced mutual fund.

A TD spokeswoman told the news service that the firm is "cooperating with any investigation or request."  

Edited by: Armie Margaret Lee


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