William F. Galvin, the Secretary of the Commonwealth of Massachusetts, ordered Raymond James Financial Services, Inc.
RJF,
to return $8.25 million plus interest to customers who were charged “unreasonably high fees” as part of a settlement, according to a Tuesday statement. He also ordered Raymond James to pay $4.2 million in fines and penalties to the six states involved in the probe of the financial firm. Galvin said an investigation revealed that the broker-dealer levied “unreasonable commissions” on more than 270,000 equity transactions since 2018. The broker applied a $75 minimum commission regardless of the “reasonableness” of the commission. Raymond James stock was up 0.6% in recent trades.
