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New Mexico will receive about $320,000 as part of a multistate settlement after a years-long investigation into Edward D. Jones & Co.
Edward Jones will pay $17 million total.
Fourteen state securities regulators led the investigation into Edward Jones' supervision of customers moving from brokerage to advisory accounts. The customers paid front-load commission for mutual fund shares and then moving brokerage assets into fee-based investment advisory accounts, according to the New Mexico Regulation and Licensing Department.
"We will continue to protect investors and ensure that companies operating in New Mexico follow our securities laws,” New Mexico Securities Division Acting Director Benjamin Schrope said in a statement. “We appreciate the ongoing cooperation of Edward Jones throughout this investigation and settlement process.”
All 50 states, Washington, DC., the Virgin Islands and Puerto Rico received about $320,000, according to New Mexico officials.
“Our financial advisors take a personalized approach understanding our clients' needs and objectives," an Edward Jones spokesperson said in a statement. "We are aligned with regulators that protecting investors is a top priority and we are committed to maintaining robust supervisory and compliance systems and continually improving them.”
