Articles Tagged with Raymond James Financial

Stoltmann Law Offices represents investors in cases where brokers overcharge their clients and their employers fail to supervise them. FINRA, the federal securities industry regulator, fined Raymond James Financial Services (RJFS) $1.1 million, alleging “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.”

The two Raymond James representatives, a father-and-son team, worked in a Raymond James branch office in Mercer Island, Washington, FINRA stated. “The customers at issue were foreign institutions, whose buy and sell orders involved large blocks of equities. The representatives agreed to a per share commission rate with their customers. From at least January 2012 through April 2018, the two representatives overcharged these institutional customers by calling the trading desk after placing the orders and instructing the trading desk to increase the commissions being charged prior to execution and/or while the orders were being worked by the desk.”

To conceal their misconduct from their clients, FINRA said, the brokers “created their own trade confirmations, which they then emailed to customers. These confirmations contained misleading information, including understating commissions. In total, the representatives overcharged these customers approximately $2.4 million. The scheme ended in or about April 2018 when Raymond James flagged and reviewed an unusually large order for one of the customers.”

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