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.