These "clean" share classes, Szapiro said, "have a different structure" than typical mutual fund share classes
, and the innovation "won't stop there.
Gottschall has investigated or supervised dozens of enforcement matters involving a variety of securities law violations, including: Charges against an alternative fund manager for overcharging management fees and misleading investors about how it valued certain assets that ordered more than $6.4 million in monetary relief, An enforcement action against an Omaha investment adviser for failing to seek the most favorable mutual fund share classes
in three funds that it managed, Fraud charges and an emergency asset freeze against the promoters of a $30 million Ponzi scheme, A financial fraud case against six executives of a Kansas-based insurance agency franchisor and lender.
Also inside this issue, Steve Saxon (http://www.plansponsor.com/MagazineArticle.aspx?id=6442476536) looks at the new, expanded definition of fiduciary, Fred Reish (http://www.plansponsor.com/MagazineArticle.aspx?id=6442476537) looks at the duty to understand mutual fund share classes
and costs, and Mike Barry (http://www.plansponsor.com/MagazineArticle.aspx?id=6442476535) talks about the next "bubble" -- public pension funding.
While the Financial Industry Regulatory Authority continues to zero in on abuses involving mutual fund share classes
and senior financial fraud, restitutions ordered by the self-regulatory organization are way up while fines levied and the number of disciplinary cases pursued in the first half of 2017 are way down, according to a just-released analysis by Eversheds Sutherland.
The EPI analysis is based on methodologies and assumptions from a 2015 report released by President Barack Obama's Council of Economic Advisers, which underpinned the original fiduciary rule developed by his Labor Department, and an April 2017 report from Morningstar focused on how new mutual fund share classes
could reduce conflicted financial advice.