The Financial Industry Regulatory Authority has hit Raymond James & Associates and Raymond James Financial Services Inc. with an order to pay $1.69 million in restitution to more than 15,500 customers who were charged unfair commissions.

FINRA, a non-governmental regulator, also separately fined Raymond James & Associates $225,000 and Raymond James Financial Services $200,000. The fines were announced by FINRA on Thursday morning, and followed an investigation into commissions on securities transactions spanning from 2006 through 2010.

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