Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Ramesh Madhusudan (Madhusudan), previously associated with Raymond James Financial Services, INC., has at least one disclosable event. These events include one customer complaint, alleging that Madhusudan recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $2,000,000.00 on May 11, 2023.
Claimant alleges (i) breach of fiduciary duty; (ii) negligence; (iii) breach of contract; (iv) fraud; and (v) violation of industry rules. From May 2021 to May 2022, claimant’s assets were invested in three types of securities intended to be held for the long-term: a goldman sachs high yield municipal bond mutual fund; equity linked notes with maturities ranging from 5-7 years; and long-term options (leaps). During the substantial market volatility in 2022, value of claimant’s investment portfolio decreased and claimant did not hold securities through to maturity. At claimant’s direction, the positions were liquidated at a substantial loss.