DENVER—The Colorado Division of Securities says it has finalized a settlement with Raymond James & Associates Inc. and Raymond James Financial Services Inc. over auction-rate securities.
The settlement, announced Thursday, has Raymond James buying back more than $25 million worth of auction-rate securities from Colorado investors who found themselves unable to sell them after the market for them froze in 2008.
The settlement ends an investigation by state securities regulators into allegations that Raymond James inaccurately told investors that auction rate securities were like cash before the credit crisis made them so difficult to sell.
Colorado has reached similar settlements with other companies and continues to investigate other firms.
