Financial Crime Weekly: $AXP $108 Million To Settle Deceptive Marketing Charges, Vanguard Group Pays $106 Million For ViolationsAmerican Express agreed to a $108.7 million settlement to resolve deceptive marketing charges, while The Vanguard Group will pay $106.41 million for misleading statements related to capital gains distributions and tax consequences. American Express was accused of deceptive marketing practices and falsified record-keeping between 2014 and 2021, including misleading small business customers and submitting false income information. The firm also misrepresented tax benefits for certain programs and charged above-market fees. The Department of Justice emphasized the importance of holding financial companies accountable for violating regulations. The SEC found that Vanguard's actions deprived retail investors of potential growth and that their prospectuses were misleading. Materially accurate information about capital gains and tax implications is crucial for investors saving for retirement. #StockMarket
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