Wyoming’s Secretary of State, Chuck Gray, has announced that the state is part of a $17 million multi-state settlement with Edward D. Jones & Co., L.P.
The settlement follows an investigation into the broker-dealer’s handling of customers who paid front-load commissions for Class A mutual fund shares and later transferred their assets into fee-based investment advisory accounts.
In a statement, Secretary of State Gray emphasized the state’s commitment to safeguarding investors and enforcing securities laws.
“At the Wyoming Secretary of State’s Office, we will continue to protect Main Street investors and ensure that companies operating in Wyoming follow our securities laws,” Gray said. “We remain committed to uniform compliance and enforcement of Wyoming securities laws.”
As part of the settlement, Edward Jones has been assessed an administrative fine of $320,754.72. This fine will be paid to the Wyoming Secretary of State and deposited into the state’s Public-School Fund, in accordance with the Wyoming State Constitution.
With input from Wyoming Tribune Eagle.
