Oregon DFR joins NASAA, other states, in multimillion dollar settlement with investment institutions

Dec. 3, 2025

Salem –  The Oregon Division of Financial Regulation has joined the North American Securities Administrators Association (NASAA) in a multimillion dollar settlement with five investment institutions. The settlement resulted from an investigation by state securities regulators into the practice of charging unreasonable commissions to retail customers on small-dollar transactions by Edward Jones, LPL Financial, RBC, Stifel, and TD Ameritrade. In the five-year period covered by the investigation, data shows that, nationwide, the firms charged approximately $19 million to process $1.12 million small-dollar equity transactions and trades.

The signed consent orders totaled over $361,000 going back to Oregonians. Oregon DFR Administrator TK Keen said it is important that states continue to work together.

“Oregonians work hard for their money, and deserve a fair deal every time they invest or make a trade," Keen said. “When Oregonians were charged excessive commissions on everyday transactions, this office and our fellow regulators nationwide quickly stepped in and got restitution back to harmed Oregon investors."

The following consent orders were entered:

• Edward Jones will repay Oregon investors $203,494.79 (plus 6 percent interest) and pay a civil penalty of $100,000 to DFR.
• LPL Financial will repay Oregon investors $31,526.08 (plus 6 percent interest) and pay a civil penalty of $20,000 to DFR.  
• Stifel will repay Oregon investors $9,752.39 (plus 6 percent interest) and pay a civil penalty of $20,000 to DFR.
• TD Ameritrade will repay Oregon investors $11,220.85 (plus 6 percent interest) and pay a civil penalty of $15,000 to DFR.
• RBC will repay Oregon investors $105,309.85 (plus 6 percent interest) and pay a civil penalty of $20,000 to DFR.

The consent orders censure the firms for their actions and require the firms to review and improve their policies, procedures, and supervision efforts relating to commissions on equity transactions to prevent similar overcharges in the future. The firms are responsible for directly notifying and providing restitution to affected Oregon customers. In most cases, affected Oregon investors will not need to take any action to receive their funds.  Further, DFR will receive a report detailing the restitution paid, which will include dates, amounts, and methods of transfer of funds for all restitution payments.

Keen encourages all investors to review their account statements and trade confirmations and contact the division if they believe they have been overcharged or misled.

“Whether it's a few hundred dollars or a few thousand, the division will stand up for Oregon's investors and hold firms accountable when they break the rules," he said. “We will continue to aggressively police unreasonable fees and commissions and protect Oregon families from financial harm."

DFR's consumer advocates are available to help people by phone at 1-888-877-4894 (toll-free) or email at dfr.insurancehelp@dcbs.oregon.gov or dfr.financialserviceshelp@dcbs.oregon.gov.

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About Oregon DFR: The Division of Financial Regulation protects consumers and regulates insurance, depository institutions, trust companies, securities, and consumer financial products and services. The division is part of the Department of Consumer and Business Services, Oregon's largest consumer protection and business regulatory agency. Visit dfr.oregon.gov and dcbs.oregon.gov.