Calls for Immediate SEC and FTC Action to Uphold
Constitutional Rights and End Illegal Over-Taxation of American
Investors
DELRAY
BEACH, Fla., April 24,
2024 /PRNewswire/ -- Jeremy
Roseberry, representative of the Investor Protection
Initiative (IPI), an investor advocacy group, testified today
before the Federal Trade Commission (FTC) regarding unlawfully
collected and poorly disclosed hidden fees extracted from virtually
all American retail investors in mutual funds and dividend-paying
equities. The IPI estimates that these charges amount to more than
$100 billion annually.
"The damages from buying a dividend are
among the most far-reaching and impactful deceptive fees impacting
Americans."
Roseberry was invited to today's hearing, "Rule on Unfair or
Deceptive Fees" to provide testimony about the danger of "buying a
dividend," the unmet obligations of the financial industry to
inform investors and mitigate damages from this practice, and
critical steps that the government may take to provide relief to
the public.
"The damages from buying a dividend are among the most
far-reaching and impactful deceptive fees impacting Americans,"
Roseberry said. " The government must act today to return billions
of dollars to retail investors and ensure that the financial
industry is permanently prevented from assessing these predatory
charges. 160 million Americans are waiting for action, as the
integrity of our institutions hangs in the balance."
In his testimony, Roseberry urgently called on the Securities
and Exchange Commission to take swift action to protect investors
from ongoing harm and pressed the FTC to expedite the finalization
of their Trade Regulation Rule that will ban these harmful
practices.
"Over the past five years, I have worked
tirelessly for the American people, meeting with hundreds of senior
executives and industry gatekeepers throughout the U.S. financial
industry, including major stock exchanges, asset managers, security
issuers, and countless others. Our discussions focused on promoting
the adoption of technology that reveals hidden costs to investors
before they purchase and addresses the underlying over-taxation to
protect them from losses.
"While all industry gatekeepers admitted to the
stated risks and ongoing harm to investors, they expressed zero
interest in making these risks transparent or in protecting their
clients from these ongoing losses."
More information about IPI and "buying a dividend" may be found
at: www.protectinvestors.org.
About The Investor Protection Initiative: The
Investor Protection Initiative is an investor advocacy group that
advocates for investors' rights and the enforcement of our nation's
security laws. The Investor Protection Initiative is managed by
BattleLine, LLC.
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SOURCE Investor Protection Initiative