Edward Jones Made $82M Off Revenue Sharing Funds
St. Louis, MO – St. Louis-based Edward Jones said Thursday it earned $82.4 million last year off revenue sharing that were later linked to questionable practices.
Thursday's revelation is part of the company's $75 million settlement with the government.
Edward Jones was accused of failing to inform customers that it was being paid to urge people to buy certain mutual funds over others. Such revenue-sharing is legal but must be properly disclosed.
The St. Louis-based brokerage firm made the earnings announcment on its website.