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Charter One Securities

Charter One Securities (CRD #13373, Cleveland, Ohio) received a censure and fine of $15,000. According to the findings, the firm failed to ensure that public customers received available breakpoint discounts on sales charges based on rights of accumulation involving purchases of Class A shares of mutual funds, resulting in overcharges totaling $5,993 to the customers. The regulators also found that the firm failed to establish and maintain a system to supervise the activities of its registered representatives adequately designed to achieve compliance with applicable securities laws and NASD rules. The firm accepted the fine and censure but did not admit or deny the accusations. (NASD Case #C8A040123)

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