The Pennsylvania Securities Commission lodged a civil complaint against TD Ameritrade over sales of the Reserve Yield Plus Fund, Dow Jones reports.

Regulators accused the firm of committing fraud. According to the June 17 complaint, TD Ameritrade and Amerivest Investment Management repeatedly told investors that the fund was a money-market fund instead of a cash-enhanced mutual fund.

A TD spokeswoman told the news service that the firm is "cooperating with any investigation or request."  

Edited by: Armie Margaret Lee


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