Securities Regulation Daily Wrap Up, NASAA NEWS AND SPEECHES—Five brokerage firms agree to pay restitution, $9M in fines for unreasonable commissions, (Jun 11, 2025)
Organizations Mentioned:Edward Jones | North American Securities Administrators Association
By Jay Fishman, J.D.
A multistate working group got restitution for affected customers.
The North American Securities Administrators Association, Inc. (NASAA) announced a multimillion-dollar settlement with five firms following a seven-state securities regulator investigation that revealed those firms, nationwide, unreasonably charged their customers approximately $19 million in commissions to process 1.12 million small dollar equity transactions and trades.
The settlement. The settlement mandates Edward Jones, LPL Financial, RBC, Stifel and TD Ameritrade to pay the affected retail brokerage customers restitution, plus 6 percent interest, as well as total fines not to exceed $9,345,000. Additionally, the firms must reimburse the seven state regulators from the NASAA working group (Alabama, Iowa, Massachusetts, Missouri, Montana, Texas and Washington) for their investigative costs.
Twenty-one additional states intend to join the settlement.
NASAA’s President and Wisconsin Securities Administrator, Leslie Van Buskirk, stated, “This settlement will result in restitution to investors and shows once again that state securities regulators will take decisive action to protect investors.”
RegulatoryActivity: BrokerDealers FraudManipulation NASAANews PrivateEquityNews AlabamaNews IowaNews MassachusettsNews MissouriNews MontanaNews TexasNews WashingtonNews