August 13, 2015-Washington DC
The Securities and Exchange Commission (SEC) announced that Edward Jones, a brokerage firm headquartered in St. Louis, and Stina R. Wishman, the former head of its municipal bond desk have reached a settlement over allegations that they overcharged customers purchasing new municipal bonds.
The SEC found that Edward Jones and Wishman were taking the bonds into the Edward Jones inventory first and then marking them up before selling them to customers.
Edward Jones agreed to pay more than $20 million, which includes over $5 million in disgorgement and prejudgment interest and will be distributed to the customers who were overcharged. Wishman will pay $15,000 and will be barred from the securities industry for at least two years.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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