The Wyoming Secretary of State’s Office has joined a multi-state enforcement settlement with Edward D. Jones & Co., L.P. (Edward Jones), totaling $17 million.
The settlement follows an investigation into Edward Jones’ handling of customer accounts, specifically the supervision of clients who paid front-load commissions for Class A mutual fund shares before later transitioning those assets into fee-based investment advisory accounts.
“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,” said Secretary of State Chuck Gray in a statement. “We remain committed to uniform compliance and enforcement of Wyoming securities laws.”
As part of the agreement, Edward Jones has been assessed an administrative fine of $320,754.72, payable to the Wyoming Secretary of State. These funds will be deposited into Wyoming’s Public School Fund, in accordance with the state constitution.
With input from the Cheyenne Post.
