Nebraska joins $17 million settlement with Edward Jones

LINCOLN, Neb. (KLKN) – The Nebraska Department of Banking and Finance on Friday joined a $17 million settlement with Edward D. Jones & Co.

This settlement comes after an investigation that found the firm improperly supervised the transfer of brokerage account assets into advisory accounts.

Authorities said Edward Jones charged front-load commissions for investments in Class A mutual fund shares when the customer sold or moved the shares earlier than expected.

As part of the settlement, the firm will pay each of the 50 states, the District of Columbia, the U.S. Virgin Islands and Puerto Rico a fine of $320,000.

“State securities regulators actively work to protect the best interests of investors and ensure that companies operating in Nebraska are following our securities laws,” Banking Director Kelly Lammers said in a press release. “The Department appreciates the ongoing cooperation of Edward Jones throughout this investigation and settlement process.”

Nebraskans with questions about the settlement can call the department’s Bureau of Securities at 402-471-4171.