Regulatory Alerts2025-09-08
Pennsylvania Department of Banking and Securities Administrative Consent Order Regarding TD Ameritrade, Inc.
The Pennsylvania Department of Banking and Securities issued an Administrative Consent Order against TD Ameritrade, Inc. for charging unreasonable commissions exceeding 5% on small principal equity transactions between June 2018 and June 2023. The regulator found that the firm failed to reasonably supervise these transactions, resulting in overcharges totaling $33,716.30 to Pennsylvania customers. Consequently, TD Ameritrade is censured, required to pay $15,000 in administrative fines, and must provide restitution to affected clients within 120 days.
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