Raymond James has reached a settlement to pay close to $200,000, addressing claims it levied unreasonable commissions on investors across a span of five years up to last July.
This resolution, pertinent to Oregon investors, succeeds a broader agreement with multiple state regulators last year, demonstrating the St. Petersburg, Florida-based financial services firm's commitment to rectifying the issue.
In response to inquiries, Raymond James referenced their previous statement from the July settlement, expressing satisfaction in resolving the concerns related to excessive commission charges on certain small principal equity trades.
The firm committed to reimbursing affected clients the surplus commission fees plus interest, alongside revising their equity commission schedule to prevent future discrepancies.
The July settlement saw Raymond James consenting to a $13 million payment to address accusations from a coalition of states. The allegations pinpointed the firm's inadvertent collection of $8.25 million in excessive commissions across over 270,000 transactions from July 2018 through July 2023.
The recent settlement with Oregon's regulators addresses the identical issue but was only finalized recently, underscoring the ongoing efforts to ensure fair trading practices.
Oregon's allegations highlighted over $96,000 in excessive commissions across 2,740 transactions, leading to a detailed review by state authorities. "Protecting investors from unfair practices is a charge we take seriously," stated TK Keen, administrator of the Division of Financial Regulation, emphasizing the regulatory body's dedication to safeguarding consumer interests.
In conclusion, Raymond James will compensate with restitution and interest totaling over $109,000 and a civil penalty of $75,000 in the Oregon settlement. This agreement reflects the firm's and regulatory bodies' mutual dedication to maintaining the integrity of financial transactions and the trust of investors.
