Phoenix, Ariz. -  The Arizona Corporation Commission announced it has joined a multi-state settlement with two financial services firms of Raymond James, which will pay $136,168 in restitution to investors and a $75,000 administrative penalty for failing to supervise the application of excessive minimum commission charges on equity transactions that harmed investors.

The Commission found that in Arizona, Raymond James did not implement or maintain adequate compliance and supervisory systems to monitor 4,302 transactions which included an unreasonable commission for services performed for their clients.

The settlement stems from an investigation spearheaded by state securities regulators in Alabama, California, Illinois, Massachusetts, Montana, and Washington through the North American Securities Administrators Association (NASAA).

All documents relating to this agenda item can be found in the Corporation Commission's online https://edocket.azcc.gov/ and entering docket number S-21333A-24-0245.

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