Oregon’s Division of Monetary Regulation introduced this week its participation in a multi-state settlement alleging that Raymond James & Associates and Raymond James Monetary Providers charged unreasonable commissions to retail prospects on small-dollar transactions.
As ThinkAdvisor reported in 2023, an investigation by state securities regulators discovered that Raymond James charged “unreasonable commissions” on greater than 270,000 fairness trades and transactions nationwide between July 2018 and July 2023, leading to alleged overcharges of $8.25 million.
In accordance with Oregon officers, the agency charged unreasonable commissions totaling $96,551 to Oregon traders throughout some 2,740 transactions. As a part of the settlement, Raymond James can pay restitution and curiosity of $109,350 on to the affected Oregon traders and a $75,000 civil penalty to the state of Oregon.
“Our division is happy to be part of this multi-state motion to guard Oregon traders and maintain Raymond James accountable for charging unreasonably excessive commissions,” mentioned DFR administrator TK Eager. “This settlement is a reminder that our division will maintain corporations accountable in the event that they breach the belief of their prospects.”