SEC supports ban on mutual funds aimed at military

The Securities and Exchange Commission supports a proposal that would prohibit sales of mutual-fund contractual plans, also known as periodic payment plans. These products are sold mainly to military personnel. For a lot of customers, these products have been rip-offs. Most mutual-fund contractual plans have high front-end loads, so high that initial investments may be cut by as much as half to cover the load. People who redeem short-term pay huge sales fees.

> Here's an Associated Press article.