George K. Baum & Co. consents to fine and censure over school bond offering fees

Kansas City-based George K. Baum & Co. consented to a $100,000 fine, censure and disgorgement of $170,000 over a 2007 school bond offering.

The Financial Industry Regulatory Authority said Baum & Co. charged the school district, which was unidentified in the consent agreement, $43 for every $1,000 of bonds that were issued. A typical fee would be $7 to $9 per $1,000.

Baum & Co. had expected a much larger bond offering but regulators held that was not an appropriate consideration in setting the fee. Baum & Co. declined to comment Monday. However, it accepted the regulatory action in December without admitting or denying the findings in the case.

This story was originally published February 22, 2016 at 11:13 AM with the headline "George K. Baum & Co. consents to fine and censure over school bond offering fees."