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."

Register or login for access to this item and much more

All Financial Planning content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access