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Indiana will receive $75,000 as its share of a multistate settlement with Raymond James & Associates Inc. and Raymond James Financial Services Inc., Indiana Secretary of State Diego Morales announced Tuesday.
An investigation found Raymond James charged unreasonable commissions on more than 270,000 equity transactions and trades nationwide over the past five years, according to the Secretary of State’s Office.
The firms will pay at least $8.2 million in refunds to clients and $4.2 million in penalties and costs to the states.
Indiana’s share will be deposited equally between the Securities Enforcement Fund and the Indiana General Fund.
Raymond James took a commission on the transactions more than 5% of the principal value, with commissions in some cases exceeding 90% of the principal value of the customer’s transaction, the investigation found.
There were about 6,600 transactions in Indiana with markups more than 5%, which amounted to about $203,400.
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