Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Richard Funk (Funk), previously associated with Raymond James & Associates, INC., has at least 2 disclosable events. These events include 2 customer complaints, alleging that Funk 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 $500,000.00 on May 15, 2024.
The situation involves a breach of trust in a currency trading program that promised to use trailing stop losses on all trades, as stated in their documentation and marketing materials. However, the trading algorithm was overridden, and the stop loss on one stock was moved, allowing losses to accumulate. When the trade was eventually closed, it resulted in a significant financial loss.