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CONCORD, N.H. (AP) - New Hampshire regulators and American Express Financial Advisors Inc. have reached a record $7.4 million settlement over allegations that the company illegally rewarded its financial advisers who steered clients toward underperforming, in-house mutual funds.
The New Hampshire Bureau of Securities Regulation had sought $17.5 million in penalties from the Minneapolis-based subsidiary of American Express Co.
The bureau had alleged that in one sales contest, American Express Financial Advisors offered advisers who sold the most company funds a free one-year lease on a Mercedes Benz.
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