Securities Lawyers Blog
The law offices of Gana Weinstein LLP represents investors in investment disputes with their financial advisors or brokerage firms, such as Raymond James Financial Services, Inc.. Many investors do not recognize financial advisor misconduct when it happens, but there are steps that can be taken to recover investment losses. There are many different types of broker misconduct, including breach of fiduciary duty, failure to supervise, misrepresentation, and churning. The attorneys at Gana Weinstein LLP can analyze your investments to determine if there was actionable misconduct by the broker or brokerage firm.
Raymond James Financial Services is an independent broker-dealer that supports independent financial professionals in providing brokerage, investment and advisory services to their clients. Formed in Florida in 1973 and headquartered at 880 Carillon Parkway in Saint Petersburg, the firm is part of the Raymond James organization and shares its headquarters campus with affiliate Raymond James and Associates.
Raymond James Financial Services, Inc. – By the Numbers:
- CRD #: 6694
- Regulatory Events: 128
- Arbitration Events: 76
- Broker Employees: 7,351
Raymond James Financial Services, Inc. – In the News:
FINRA v. Raymond James Financial Services, Inc. (Case #2018059564801) – Since at least January 2018, RJA and RJFS have failed to reasonably supervise the firms’ reporting, and timely reporting, of customer complaints via FINRA Rule 4530 filings and amendments to registered representatives’ Forms U4 and U5. The firms have not taken reasonable steps to ensure that firm personnel manually enter into the firms’ electronic system certain data required to make quarterly FINRA Rule 4530 filings. The firms also have not established reasonable controls to ensure that associated persons timely notify appropriate firm personnel of customer complaints. Raymond James therefore has violated Article V, Sections 2 and 3 of FINRA’s By-Laws, and FINRA Rules 3110, 1122, 4530, and 2010. From January 2012 to at least December 2017, RJA and RJFS also failed to reasonably supervise at least 4.7 million mutual fund purchases that the firms’ representatives made directly with mutual fund companies on behalf of firm customers (direct business transactions). The firms failed to ingest many transactions into their automated surveillance systems, and had not configured their systems to review many other transactions. As a result, the firms violated FINRA Rule 3110 and its predecessor, NASD Rule 3010, and FINRA Rule 2010.
FINRA v. Raymond James Financial Services, Inc. (Case #2018058633501) – From at least January 2012 through April 2018, RJFS failed to reasonably supervise two registered representatives who engaged in a scheme to overcharge commissions to seven institutional customers, which they serviced as part of a team.
FINRA v. Raymond James Financial Services, Inc. (Case #2018058041101) – During the period January 1, 2008 through March 31, 2017 (the “Relevant Period”), RJA and RJFS each failed to establish and maintain a supervisory system, and failed to establish, maintain and enforce written supervisory procedures, reasonably designed to supervise representatives’ share-class recommendations to customers of 529 savings plans, in violation of MSRB Rule G-27(a), (b), and (c).
FINRA v. Raymond James Financial Services, Inc. (Case #2013036343601) – Between December 2007 and September 2017, RJFS did not have supervisory systems and procedures for reviewing email communications that were reasonably designed to achieve compliance with applicable legal requirements or appropriate for the firm’s business, size, structure, and customers. RJFS relied primarily on an automated, lexicon-based system to surveil the emails of its personnel, and the primary lexicon was not reasonably designed to identify emails suggesting certain categories of potentially problematic conduct, such as representatives experiencing financial distress, borrowing from or lending to customers, and soliciting penny-stock transactions, which the firm prohibited. As a result, RJFS violated NASD Rules 3010 and 2110 and FINRA Rules 3110 and 2010.
Gana Weinstein LLP has successfully handled hundreds of customer investment disputes with their brokerage firms. Our attorneys can help you detect and uncover suspicious activity in your accounts. Our consultations are free and we welcome all inquiries.