The Securities and Exchange Commission announced that 1st Global Capital Corp., a Dallas-based broker-dealer, will pay a $100,000 penalty and consent to findings that it made unsuitable recommendations and sales of Section 529 College Savings Plans.According to the order, between 2001 and 2004 1st Global recommended and sold investments in 529 plan units without understanding and evaluating the comparative costs for its customers.
In a statement, the director of the SEC's Division of Enforcement, Linda Chatman Thomsen, said that the case demonstrates agency’s continuing attention to the 529 area.
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