Regulator Fines Baird Over Fees Brokerage to Pay $500,000 Levy, Return $400,000 to Customers

Summary

---

The brokerage industry's self-regulating body said Wednesday that it has fined Robert W. Baird & Co. $500,000 and ordered it to return more than $400,000 in fees, plus interest, to 154 customers of its fee-based brokerage service.

The customers were in Baird's 360/One program, a "fee in lieu of commission" program. Baird offered the program from 1996 through September 2007, and it included as many as 11,000 accounts, according to the regulators.

See the full content of this document

Extract

---

Regulator Fines Baird Over Fees Brokerage to Pay $500,000 Levy, Return $400,000 to Customers

Baird failed to adequately supervise the program, which determined whether a fee-based account was appropriate for an investor, according to the Financial...

See the full content of this document

---