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July 2023 Monthly Bulletin

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On July 11, the DFPI announced a multi-state settlement with Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. for the firms to pay at least $8.2 million in refunds to clients and $4.2 million in penalties and costs to the states for failing to ensure reasonable commission charges on equity transactions, harming main street investors.

In California, Raymond James will pay full restitution of not less than $460,000, plus interest in the amount of 6 percent, to customers with transactions that included an unreasonable commission for services performed (i.e., in excess of 5 percent of the principal trade amount) from July 1, 2018, through July 17, 2023. The settlement stems from a North American Securities Administrators Association (NASAA) investigation spearheaded by state securities regulators from Alabama, California, Illinois, Massachusetts, Montana, and Washington.

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