The Securities and Exchange Commission (SEC) ordered Edward Jones to pay $20 million for overcharging retail customers in new municipal bond sales. The SEC claims the brokerage firm failed to sell new bonds to customers at the “initial offering price.” They, instead, put the bonds into their own inventory, then sold them to customers at a higher price. In all, the customers paid more than $4.6 over what they should have paid. The overcharges were through the offer and sale of about 156 bonds in 75 negotiated offerings in which Edwards Jones served as co-manager. If you invested money with Edward Jones, please call our securities law firm in Chicago at 312-332-4200 for a free consultation with an attorney. We sue firms such as Edward Jones in the Financial Industry Regulatory Authority (FINRA) forum for investment losses. They may be held liable for financial losses. There is no obligation and we take cases on a contingency fee basis only.
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