The Securities and Exchange Commission has filed charges against three registered representatives and an advisory firm, alleging they defrauded their customers by withholding vital information about class B shares of mutual funds.

Kissinger Advisory, William Kissinger, Bert Miller and Glenn Wilkinson are accused of repeatedly recommending that their customers invest $250,000 or more in class B shares without telling them that class A shares would produce better returns for investments exceeding $250,000.

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