Texas State Securities Board: Next Financial to Refund $500,000 to Customers, Pay $100,000 Fine
February 14, 2020
February 14, 2020
AUSTIN, Texas, Feb. 14 -- The Texas State Securities Board issued the following news release:
Next Financial Group Inc. of Houston agreed to refund $500,000 to customers of a former Texas agent who for five years moved clients in and out of high-cost mutual funds to generate commissions.
Next Financial Group also paid a $100,000 fine to the State of Texas for failing to properly supervise the agent, who worked for the brokerage from 2007 until Sept. 27, 2019. He is no l . . .
Next Financial Group Inc. of Houston agreed to refund $500,000 to customers of a former Texas agent who for five years moved clients in and out of high-cost mutual funds to generate commissions.
Next Financial Group also paid a $100,000 fine to the State of Texas for failing to properly supervise the agent, who worked for the brokerage from 2007 until Sept. 27, 2019. He is no l . . .