American Express Financial Advisors (AEFA) has reached a settlement with the New Hampshire Bureau of Securities Regulation regarding undisclosed conflicts of interest in mutual fund sales between January 1999 and March 2003. The company has agreed to pay total fines, penalties, reimbursement and restitution of $7.4 million, which includes $5 million in state fines and penalties, up to $2 million in restitution to New Hampshire investors, and reimbursement of $375,000 for the cost of the investigation.

" New Hampshire investors were paying American Express financial advisors to evaluate their unique financial needs and design the best possible portfolios accordingly," said

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