Carnahan says A.G. Edwards to pay $755K | St. Louis Public Radio

Carnahan says A.G. Edwards to pay $755K

Apr 19, 2011

Missouri Secretary of State Robin Carnahan says brokerage firm A.G. Edwards has reached a $755,000 settlement with the state of Missouri.

Carnahan said Tuesday in a release that the settlement ends an investigation that resulted from a complaint by an 81-year-old southwest Missouri investor. Carnahan said the consent order stemmed from her investigation that found the firm sold annuities to elderly customers without proper documentation.

The order issued this week requires the firm to pay a total of $381,993 to several Missouri investors. It also requires A.G. Edwards to pay $325,000 to the Missouri Investor Education and Protection Fund and $50,000 for the cost of the investigation.

Raschelle Burton, spokeswoman for Wells Fargo Advisors, which acquired A.G. Edwards, said Wells Fargo was pleased to have a resolution ending the matter.