A multistate investigation determined that from May 2020 through April 2025 the financial services firm imposed a minimum $50 commission on some equity transactions, exceeding a 5% limit.
The Connecticut Department of Banking has fined Edward D. Jones & Co. $100,000 and ordered the brokerage firm to pay $72,702 in restitution to investors after a multistate investigation found it charged excessive commissions on certain stock trades.
The Oct. 8 consent order followed a multistate investigation led by the North American Securities Administrators Association, which determined that from May 2020 through April 2025 the firm imposed a minimum $50 commission on some equity transactions — exceeding the 5% limit set under Financial Industry Regulatory Authority rules.
Investigators also said stronger supervisory practices could have prevented the issue. In Connecticut, 5,278 transactions were affected, totaling $72,702.
The order cited violations of state securities regulations requiring adequate supervision of brokerage activity. In addition to restitution, Edward Jones must provide the Banking Department with proof that it has improved its compliance systems to detect excessive commissions.
The firm is headquartered in St. Louis, Missouri, and is registered as a broker-dealer in Connecticut.
