By AP/KWMU
St. Louis – The top executive at Edward Jones is stepping down at the end of next year.
Douglas Hill has been managing partner of the St. Louis-based brokerage firm since January first. But the company is being investigated by federal regulators and the U.S. Justice Department.
The Securities and Exchange Commission says Edward Jones received millions of dollars since 1999 to place seven mutual fund companies on a "preferred list."
The payments are not illegal, but the SEC says Edward Jones failed to notify investors of the deal. That's why it is imposing a $75 million penalty on the company.
Hill plans to remain at Edward Jones as a partner after his tenure ends on December 31st next year. A letter to employees yesterday from Hill says the firm is seeking a successor.