Raymond James Financial says it has reached “a settlement in principle” with the Securities and Exchange Commission to pay $50 million to resolve the federal agency’s investigation into the broker-dealer’s off-chanel business communications, according to a quarterly filing on August 6.

The settlement is similar to several other firms that have also said they are nearing resolutions, including LPL Financial, which said in May that it was also preparing for a $50 million settlement related to similar allegations. Regional competitor Ameriprise Financial also disclosed in February that it had set aside $50 million for a potential settlement. 

The SEC has been issuing fines against firms for failing to comply with records preservation requirements for business-related electronic communications. 

In February, the Commission ordered 16 wealth management firms to pay a total of $81 million over related charges. Banks have paid over $1 billion in fines for failing to capture employees’ electronic communications. Other broker-dealers, including Stifel Financial and Edward D. Jones & Co., last year set aside tens of millions for potential settlements.

Jeff Newman represents whistleblowers nationwide relating to Medicare and Medicaid fraud, under the state and federal False Claims Act (Qui Tam) laws. He also represents whistleblowers in major claims under the SEC, CFTC and FINCEN whistleblower programs and can be reached at Jeff@JeffNewmanLaw.com or at 617-823-3217