Block settles Claim for $825,000
A subsidiary of H&R Block Inc. said Tuesday it has agreed to pay $500,000 in fines to settle charges that two former brokers helped a hedge fund engage in improper trading practices.
The National Association of Securities Dealers, the brokerage industry’s self-policing organization, also required the investment division of the world’s largest tax preparer to pay $325,000 in restitution to mutual funds affected by the improper trades. The subsidiary, H&R Block Financial Advisors Inc., said it agreed to settle the case without admitting wrongdoing.
H&R Block still faces RICO charges along with predatory lender HSBC Finance Corporation’s Beneficial Finance. The suit involves refund anticipation loans according to Household - HSBC Watch. HSBC Finance Corporation was called Household International until 15 December 2004.
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