The SEC censured Sutro & Co. for overcharging.
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The Securities and Exchange Commission said the San Francisco brokerage house had failed to reasonably supervise certain former employees who allegedly took “excessive” commissions on Treasury bond sales in 1982-84. Sutro & Co. should have detected the overcharges internally, the SEC charged. A settlement was made without the firm admitting or denying any wrongdoing. The company said it would refund any overcharges to clients within 120 days.
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