FINRA Orders American Portfolios Financial Services to Pay $4.6 Million in Restitution for Overcollection of Fees, Retention of Surplus Interest
FINRA has ordered American Portfolios Financial Services, Inc. (APFS) to pay $4.6 million in restitution to customers impacted by the firm’s inaccurate representation of how it calculated its fees and its retention of undisclosed, surplus interest.