WASHINGTON In the first action of its kind, the SEC has ordered St.-Louis based brokerage Edward Jones to pay $20 million for overcharging retail customers in new municipal bond sales.
"Edward Jones undermined the integrity of the bond underwriting process by overcharging retail customers by at least $4.6 million and by misleading municipal issuers," said Andrew Ceresney, director of the SEC's enforcement division. "This enforcement action, which is the first of its kind, reflects our commitment to addressing abuses in all areas of the municipal bond market."
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