Raymond James To Pay $2.1M Over Bloated Commissions

Law360, Wilmington (September 29, 2011, 6:43 PM EDT) -- The Financial Industry Regulatory Authority on Thursday hit Raymond James & Associates Inc. with a judgment of $1.69 million in restitution as well as fines totaling $425,000 for allegedly charging bloated commissions on thousands of securities transactions.

The broker-dealer, along with affiliate Raymond James Financial Services Inc., allegedly charged unfair and unreasonable commissions to over 15,500 customers on generally small transactions from 2006 through Oct. 31, according to a statement from the regulator.

Raymond James “failed to adequately monitor its supervisory systems and as a result...
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