Raymond James Financial Reaches a $50 Million ‘Settlement in Principle’ with SEC

Raymond James Financial has reached “a settlement in principle” with the Securities and Exchange Commission to pay $50 million to resolve the federal agency’s investigation into the broker-dealer’s off-chanel business communications, according to a quarterly filing on August 6.

The settlement fits with several other firms that have also said they are nearing resolutions, including LPL Financial, which in May disclosed it was also preparing for a $50 million settlement related to similar allegations. Regional competitor Ameriprise Financial also disclosed in February that it had set aside $50 million for a potential settlement. 

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