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BUSINESS
August 1, 2003 | From Bloomberg News
Two brokers and a California investment advisory firm were cleared by the Securities and Exchange Commission, which overturned a ruling by an administrative law judge that the defendants had committed civil fraud. The SEC's enforcement division had accused FSC Securities Corp. brokers Michael Flanagan and Ronald Kindschi and Spectrum Administration Inc. of Seal Beach of failing to inform clients of mutual fund fees. FSC is a unit of American International Group Inc.
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BUSINESS
December 11, 1998 | Bloomberg News
The Securities and Exchange Commission charged two FSC Securities Corp. brokers, Ronald Kindschi and Michael A. Flanagan Sr., and Seal Beach investment advisory firm Spectrum Administration Inc. with failure to tell investors of mutual fund fees. The agency alleged that Kindschi and Flanagan persuaded customers to invest a total of $200,000 in a mutual fund without disclosing that they could have paid lower fees and gotten higher net returns by investing in a different class of the same fund.
BUSINESS
February 1, 2000 | From Bloomberg News
Two FSC Securities Corp. brokers and a Seal Beach investment-advisor firm were sanctioned Monday by a Securities and Exchange Commission judge on charges they fraudulently failed to tell investors of mutual fund fees. The administrative law judge, though, dismissed other SEC charges that the brokers failed to disclose they would get higher commissions if customers made one fund investment over another.
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