TDCI Joins $17 Millon Multi-State Enforcement Settlement With Edward Jones

The Tennessee Department of Commerce & Insurance (TDCI), a member of the North American Securities Administrators Association (NASAA), has joined a $17 million settlement with Edward D. Jones & Co., L.P. (Edward Jones) resulting from an investigation into the broker-dealer's supervision of customers paying front-load commissions for Class A mutual fund shares in light of later moving brokerage assets into fee-based investment advisory accounts.

The four-year investigation was led by a working group of 14 state securities regulators and looked into Edward Jones's supervision of customers moving...