ST. PAUL — A financial services company that overcharged Minnesotans for equity transactions over a period of five years must pay restitution of more than $242,000 to thousands of customers.  

The Minnesota Department of Commerce formally censured RBC Capital Markets LLC (RBC) on May 21 for violating Minnesota law. The disciplinary action concluded a multi-state investigation into the company's practice of charging unreasonably high commissions on equity transactions between May 16, 2020, and May 16, 2025.   

Minnesota law limits how much financial firms can charge customers in commissions. State regulators say RBC charged customers too much on 6,324 equity transactions, totaling more than $242,000 in excessive commissions. Regulators also allege the company failed to properly oversee those transactions to make sure customers were charged fairly. 

As part of the settlement agreement, RBC must repay customers, plus interest for transactions where it charged unreasonably high commissions. 

“People should not have to be financial experts to be treated fairly. When Minnesotans place their trust in a financial institution, they deserve honesty, transparency about fees and confidence that the rules are being followed,” Department of Commerce Commissioner Grace Arnold said. “Our job is to protect consumers and step in when financial institutions fail to meet those obligations.” 

This settlement is one of several achieved by a multi-state coalition working together with the North American Securities Administrators Association to investigate and take action against the practice of charging excessive commissions.  

“Minnesotans who invest their hard-earned money deserve full value for every dollar they commit.  Consumers should not have to navigate complex financial laws on their own or wonder whether they were charged improperly after the fact,” said Sara Payne, assistant commissioner over the Department of Commerce’s Enforcement Division. “When firms fail to follow the law, our investigators intervene to safeguard investors and maintain trust in the marketplace.” 

Consumers are encouraged to read their financial statements carefully and ask their advisor or broker if anything seems suspicious. Resources and information about filing a complaint are online.  

The full settlement agreement is available on the Minnesota Department of Commerce’s website.  

The Minnesota Department of Commerce is here to help. Minnesota consumers and businesses can contact Commerce’s Enforcement Division about concerns or complaints:  

• File a complaint online  
• Email: consumer.protection@state.mn.us 
• Verify whether a financial industry agent or company is licensed to do business in Minnesota: License Lookup. 
• Search Commerce Actions and Regulatory Documents to view past enforcement actions. 

Connect with the Minnesota Commerce Department
Get updates and news from the Minnesota Department of Commerce by following Commerce at mn.gov/commerce or @MNCommerce on social media.

Contact
Jen Longaecker | Media Relations and Public Affairs Director
Minnesota Department of Commerce
news.commerce@state.mn.us