The Securities and Exchange Commission (SEC) recently ordered Edward Jones to pay $20 to settle allegations that the firm overcharged retail customers on new municipal bond sales. Edward Jones overcharged clients by $4.6 million from 2009 until 2012. Instead of issuing the bonds to their customers at a negotiated price, the bank brought the bonds into their own inventory and then later offered to customers at higher prices, after the bonds began to trade in the secondary market. The firm was also charged with failing to put adequate supervisory systems in place. The $20 million fine included $5.2 million in disgorgement and interest to be paid to overcharged customers. The head of the firm’s municipal underwriting desk, Stina R. Wishman, was barred from the industry for two years and was fined $15,000.
If you invested money with Edward Jones, you may be able to recover some of your investment losses by calling our securities law firm at 312-332-4200 and speaking to an attorney. We sue firms such as Edward Jones in the Financial Industry Regulatory Authority (FINRA) arbitration forum to recover money for investors for violating securities rules and regulations.
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