Raymond James paid $2.6 million over failures to provide mutual-fund breakpoint discounts
Company: Raymond James Financial, Inc.
Summary
The SEC and NASD brought coordinated enforcement actions against Raymond James Financial Services concerning failures to provide eligible customers with available breakpoint discounts on front-end-load mutual-fund purchases. The firm agreed to conduct a trade-by-trade review of qualifying transactions, identify customers who had not received appropriate discounts, locate those customers and provide refunds. Raymond James agreed to total penalties of approximately $2.595 million split between the SEC and NASD actions, together with a comprehensive customer remediation program. The SEC censured the firm and ordered it to cease and desist from future violations. Primary source: SEC — Raymond James Financial Services administrative proceeding: https://www.sec.gov/enforcement-litigation/administrative-proceedings/33-8374