OLYMPIA, Wash. – If you have invested recently, you may have some money coming your way.

The Washington State Department of Financial Institutions announced on Tuesday, July 11th, that it has joined a multi-state settlement with Raymond James that will pay at least $8.2 million in refunds to the financial institution’s clients.

Raymond James will also have to pay $4.2 million in penalties to the states.

The settlement stems from a task forces’ findings that the company charged unreasonable commissions on financial and stock trades and violated securities laws.

The company also agreed to make sure their policies and procedures have been changed to make sure all commissions are fair and reasonable.

The Department says Raymond James fully cooperated with the investigation and neither admits nor denies the task forces’ findings.