(WBBM NEWSRADIO) -- Hundreds of Illinoisans will receive money from a multi-million dollar settlement with a major financial company.
Illinois Secretary of State Alexi Giannoulias announced Thursday that Illinois is one of several states that is part of a $12.4 million settlement from Raymond James Financial Entities.
Officials found the company charged unreasonable commissions on trades that have harmed main street investors, including Illinoisans. The practice resulted in customers being overcharged by $8.25 million.
As part of the settlement, Raymond James will pay at least $8.2 million in refunds to clients nationwide and $4.2 million in penalties and costs to state securities regulators.
“This case will help ensure that investors are treated fairly by broker-dealers and financial services firms,” Giannoulias said.
“These companies must comply with protections currently in place. No matter how large or small an investor’s transactions are, the state securities regulators in Illinois will ensure investors are protected.”
Giannoulias said Illinois customers will receive $328,000 in restitution and is encouraging investors to contact the office with any investment questions or concerns.
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