Mississippi has joined a multi-state settlement with Raymond James over the company charging clients “unreasonable commissions” on trades that harmed main street investors. The settlement, which was made by Raymond James without admitting or denying the allegations, includes $8.2 million in refunds to clients and $4.2 million in penalties and.
William F. Galvin, the Secretary of the Commonwealth of Massachusetts, ordered Raymond James Financial Services, Inc. to return $8.25 million plus interest.