
American Express Financial Advisors agreed to pay a $2 million civil penalty to the state in settlement of allegations it failed to establish and maintain supervision policies of employees and failed to check suitability of mutual fund shares purchased, leading to some transactions occuring where mutual fund shares were recommended or purchased based on brokerage commissions instead of suitability for the customer. For more info visit https://www.cards.commerce.state.mn.us/CARDS/security/search.do?documentId={3022E831-68B7-41E3-A541-7E18F482F92C}