Raymond James to pay $15 million for improperly charging investors: SEC


WASHINGTON (Reuters) – Financial services firm Raymond James & Associates, a unit of Raymond James Financial Inc , has agreed to pay $15 million to settle charges it improperly charged advisory fees on inactive retail client accounts and charged excess commissions for some brokerage customer investments.

The SEC said Raymond James failed to consistently perform reviews of inactive advisory accounts, failing to determine whether the client’s fee-based account was suitable. The firm also applied the wrong pricing data to some investments, causing clients to overpay fees.

Reporting by Tim Ahmann; Editing by Chizu Nomiyama



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