Investment adviser, Value Line, its CEO and ex-chief compliance officer, have settled charges with the Securities and Exchange Commission, The Wall Street Journal reports. They were accused of charging over $24 million in bogus brokerage commissions on mutual-fund trades channeled through Value Line’s affiliated broker dealer, Value Line Securities.

The New York firm, CEO Jean Buttner, former chief compliance officer, David Henigson and Value Line Securities agreed to pay about $45 million to settle the charges. The commission claims Value Line misappropriated millions of dollars from the mutual funds they managed by falsely allocating fund trades and then charging the funds for phantom brokerage services.

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