HELENA, Mont. — Montana Securities Commissioner James Brown announced Monday that five major broker-dealer firms have agreed to pay restitution and fines following a multi-state investigation into excessive commission charges.
Firms including Edward Jones, LPL Financial, and TD Ameritrade were found to have overcharged retail investors—often on small stock trades—between 2018 and 2025.
Brown says the settlements will return millions to customers nationwide, including here in Montana.
Affected investors will be contacted directly.
Investigations into other firms are still ongoing.
