Vanguard fined for providing misleading account statements to customers

FINRA said Vanguard failed to investigate red flags that its account statements were misleading in a reasonable, timely way.

Vanguard Group, the world’s largest issuer of mutual funds, has been fined and censured by FINRA for errors appearing in about 8.5 million customer account statements. It ordered Vanguard to pay a fine of $800,000.

FINRA said Vanguard had overstated projected yield and projected annual income for nine money-market funds. From at

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