Pennsylvania regulators have filed civil complaints against TD Ameritrade over its sale of the Reserve Yield Plus fund and auction-rate securities to investors across the nation.

Reserve allegedly characterized Reserve Yield Plus as a cash-enhanced product, not the money market fund that TD Ameritrade brokers told investors it was on recorded telephone calls, starting in December 2006. The Pennsylvania Securities Commission complaint also says the brokerage firm continued to sell the fund even after it broke the buck in November 2007, under senior management executives' orders to sell it "strategically" to certain customers.

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