The SEC charged Dean McDermott and his firm, McDermott Investment Advisors, for investing clients’ funds in unit investment trusts with extra charges when more affordable options were available.
Responding to an investigation by Massachusetts regulators, Vanguard will pay $5.5 million to smaller investors in that state hit with outsized capital gains taxes in the retirement-focused funds.
The billionaire pledged the majority of his fortune to charity, but there's newfound speculation as to which specific organization will get the windfall.