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NASAA member states settle with brokerage firms over excessive fees

The investigation was conducted jointly by seven state securities regulators.

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Alexander Barzacanos

Photo: Tanja Ivanova/Getty Images
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The North American Securities Administrators Association (NASAA) has announced that state securities regulators had fined Edward Jones, LPL Financial, RBC, Stifel and TD Ameritrade up to $9,345,000, plus costs and restitution, for charging unreasonable commissioners to retail customers for low-value trades.

A working group comprising state securities regulators from Alabama,

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