$200K penalties, restitution for overcharging commissions to Oregon investors

By Oregon Department of Consumer and Business Services

Press Release, 

Salem – Oregon’s Division of Financial Regulation (DFR) joined a multi-state settlement alleging that Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. charged unreasonable commissions to retail customers on small-dollar transactions.

As a result of a coordinated investigation by state securities regulators, the group concluded that from July 1, 2018, to July 17, 2023, Raymond James charged unreasonable commissions on more than 270,000 equity trades and transactions nationwide resulting in overcharges of $8.25 million.

In Oregon, Raymond James charged unreasonable commissions totaling $96,550.83 to Oregon investors in 2,740 transactions. As part of the settlement, Raymond James will pay restitution and interest of $109,349.94 directly to the affected Oregon investors and a $75,000 civil penalty to the State of Oregon.

“Our division is pleased to be a part of this multi-state action to protect Oregon investors and hold Raymond James accountable for charging unreasonably high commissions,” said DFR Administrator TK Keen. “Protecting investors from unfair practices is a charge we take seriously. This settlement is a reminder that our division will hold companies accountable if they breach the trust of their customers.”

In addition to the fine and restitution, as part of the settlement, Raymond James agreed to change and enhance its policies and procedures to ensure that all commissions are fair and reasonable and completed a review to assess the efficacy of the changes it made.

The consent order can be found on our website.


About Oregon DFR:The Division of Financial Regulation is part of the Department of Consumer and Business Services, Oregon’s largest business regulatory and consumer protection agency. Visit dfr.oregon.gov and  www.dcbs.oregon.gov.​​

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