June 27, 2019

State Street Bank and Trust Company will pay more than $88 million to the SEC to resolve charges that it overcharged its client mutual funds and other registered investment companies.  State Street served as custodian, and the clients agreed to reimburse State Street for specified custodial expenses that State Street incurred on their behalf.  However, State Street overcharged its clients, adding an undisclosed mark-up on the cost of sending financial transactions through the SWIFT network.  SEC

Tagged in: Financial and Investment Fraud, Financial Institution Fraud,