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Tampa Bay-Lakeland
Business Observer Friday, Sep. 30, 2011 11 years ago

FINRA docks Raymond James

The St. Petersburg brokerage will pay $2.1 million to settle impropriety charges.

ST. PETERSBURG -- Raymond James Financial Inc. (symbol: RJF) will pay $2.1 million to the Financial Industry Regulatory Authority (FINRA) to settle claims that it overcharged its brokerage customers by means of its transaction fees.

FINRA claims Raymond James' automated commission systems overcharged brokerage customers by more than $1.7 million on roughly 27,000 transactions that took place between 2006 and 2010.

To resolve FINRA's allegations, Raymond James will return $1.7 million to affected investors, and will pay $425,000 in fines to the regulatory agency. By settling, Raymond James avoids any official admission of wrongdoing.

A Raymond James spokesman says the brokerage trades involved in FINRA's allegations represent less than 0.1% of all total trades completed by the company over the time period in question.

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