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The firm has been ordered to pay restitution, fines, and penalties for “unreasonably high” fees. The firm says affected customers will be reimbursed “plus interest.”
Raymond James & Associates, Inc., and Raymond James Financial Services, Inc. have been ordered to “return $8.25 million, plus interest, to customers who were charged unreasonably high fees.” That is the top-line conclusion of a multi-state investigation of brokers who overcharged investors. Massachusetts Secretary of the Commonwealth William F. Galvin, spearheaded the investigation, which also...
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