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State Joins $12.4 Million Settlement for Unreasonable Commissions

Illinois Secretary of State Alexi Giannoulias announced a victory for main street investors as Illinois becomes part of a $12.4 million settlement with Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. The settlement follows a joint investigation by state securities regulators from six states, including Illinois, which revealed that Raymond James entities charged excessive commissions on equity transactions, harming investors nationwide.


As part of the agreement, Raymond James will refund at least $8.2 million to clients across the country and pay $4.2 million in penalties and costs to state securities regulators. Illinois customers will receive $328,000 in restitution, with the Secretary of State's Securities Department imposing a $75,000 fine and receiving an additional $25,000 reimbursement for investigation costs.


Secretary Giannoulias emphasized that this settlement sends a clear message that all investors, regardless of transaction size, deserve fair treatment from financial firms. The enhanced policies and procedures put in place by Raymond James will be closely monitored by the involved states to ensure compliance and safeguard investor interests.


Investors with questions or concerns are encouraged to contact the Illinois Secretary of State Securities Department at 800-628-7937 for assistance



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