Raymond James refunds $8.7M in mutual fund overcharges

ST. PETERSBURG — The Financial Industry Regulation Authority ordered Raymond James Financial to pay back $8.7 million for allegedly overcharging mutual funds.

FINRA announced more than $30 million in restitution Monday, not only from Raymond James, but Wells Fargo Advisors, Wells Fargo Advisors Financial Network and LPL Financial. The independent securities firm regulator says those firms failed to waive mutual fund sales charges for some charitable and retirement accounts dating back to 2009.

The financial firms detected these overpayments and voluntarily self-reported them to FINRA, according to the authority's executive vice president and enforcement chief Brad Bennett. Raymond James and the others offered waivers to retirement and charitable mutual fund accounts, but did not actually complete the waiver for what is estimated to be about 50,000 eligible customers.