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Wyoming Receives Payout In Securities Settlement

Wyoming has received settlement from the brokerage firm Raymond James for misleading clients in auction rate security sales. Secretary of State Max Maxfield says the settlement in Wyoming payed over 21 thousand dollars to clients. Maxfield calls the undisclosed sale of the A-R Securities unethical.

“My compliance division staff was contact by three Wyoming investors who found their money tied up in these securities with the Raymond James brokerage firm. I am happy to report through this settlement these residents have been made whole and received all of their money back from the brokerage firm.”

Raymond James, in a national settlement, was ordered to repurchase the securities and  to pay the fine to the State of Wyoming.

The payout represents Wyoming’s pro-rata share of a $1.75 million settlement negotiated by the North American Securities Administrators Association.  The Wyoming Public School Fund receives all settlement and fines, as determined by the state constitution.

Nine different securities companies have settled with the Wyoming’s Secretary of State’s office for ARS violations that now total more than $1.2 million.



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