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TD Waterhouse USA Paying $2M in Complaint Sept. 20, 2004 (Associated Press) The U.S. brokerage arm of Canada's Toronto Dominion Bank agreed Thursday to pay $2 million to settle allegations that TD Waterhouse USA did not follow its own procedures on disclosing fees paid to three outside investment advisers. The issue raised by the U.S. Securities and Exchange Commission related to the adequacy of disclosure made by the independent advisers and the brokerage's own procedures from 2001 to 2003. Waterhouse made the payments to the advisers to refer clients to Waterhouse -- a potential conflict of interest. "Although independent advisers are required by law to make the necessary disclosures, we regret that our oversight of those disclosures was not consistent with our own written procedures in these cases," Denise Kazmier, a spokeswoman for TD Waterhouse USA, said Thursday. "We have enhanced our internal controls and continue to offer educational resources to help advisers understand their disclosure obligations." The SEC said Waterhouse failed to follow its own written procedures. |
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