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Dean Witter Sanctioned For Failure to Supervise Broker Who Switched Clients' Mutual Funds
$157,000 in sales charges imposed upon customers were the result of Dean Witter's failure to supervise a broker who had impermissibly switched his customers from one mutual fund to another with no justification for doing so over a 2 ½ year period.
The broker held his customers' mutual funds an average of only 8 months (some funds he held for only 2 months), before switching them for another fund.
Dean Witter consented to a $200,000 fine and $277,000 in customer reimbursement.
Source: SEC News Digest, August 28, 2000
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