Four former LPL Financial advisors misled hundreds of federal employees into rolling over $40 million from their retirement accounts into higher cost annuities, according to the SEC.

Onetime office of supervisory jurisdiction manager Christopher S. Laws, his outside business partner Jonathan D. Cooke and ex-brokers Danny S. Hood and Brandon P. Long collected about $1.7 million in commissions on the sales, investigators say. The SEC charged them with fraud earlier this week.

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