Articles Tagged with Raymond James

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.”

Chicago-based Stoltmann Law Offices offers representation on a contingency fee basis to investors nationwide that have suffered investment losses as a result of unscrupulous financial advisors who’ve misrepresented the risks of investments or traded their accounts without express permission.

The U.S. Securities and Exchange Commission (SEC) has obtained a partial judgement against Michael F. Shillin, a former Raymond James financial advisor, “accused of defrauding at least 100 investment advisory clients, many of whom were elderly, by fabricating documents and making misrepresentations about their investments,” according to thediwire.com.

Shillin, according to the SEC, “allegedly told certain clients that they had subscribed for Initial Public Offering or pre-IPO shares, or that he had bought stocks on their behalf, in certain `coveted companies.’ He also is accused of misrepresenting the purchase of life insurance policies with long-term care benefits, with several clients rolling over their existing policies into new ones, which were either non-existent or had far fewer benefits than he claimed.”

Chicago-based Stoltmann Law Offices represents investors who’ve suffered losses from dealing with broker-advisors who’ve defrauded their clients. The Securities and Exchange Commission (SEC) has charged Michael F. Shillin with defrauding at least 100 investment advisory clients by “fabricating documents and making misrepresentations about their investments,” according to Thediwire.com.

According to the SEC, Shillin, a former Raymond James advisor, allegedly told certain clients, many of whom were elderly, that they had “subscribed for Initial Public Offering (IPO) or pre-IPO shares, or that he had bought stock on their behalf, in certain `coveted companies.’” In addition, Shillin is accused of misrepresenting the purchase of life insurance policies with long-term care benefits, with several clients rolling over their existing policies into new ones, which were either non-existent or had far fewer benefits than he claimed.

For example, The SEC stated, “one of his clients reportedly decided to retire early when he was told that he was $450,000 richer after Shillin had purchased SpaceX stock for him. Another client was allegedly told that his life insurance policy contained a long-term care benefit, which the client learned was untrue after he was diagnosed with stage IV cancer.” According to the SEC, Shillin “went to great lengths to deceive his clients,” including setting up an online portal so they could monitor their portfolio of securities and profits – much of which were “pretend.”

AdobeStock_82110313-1-300x125Public records with the Financial Industry Regulatory Authority (FINRA) state that Troy, Michigan-based LM Kohn & Company broker Dainforth French has resolved or pending customer complaints within the industry. Dainforth French allegedly was liable as a control person for wrongdoing by a registered representative, failed to properly manage his accounts resulting in losses, misrepresented material facts, committed fraud, violated the Michigan Uniform Securities Act, breached fiduciary duty, and failed to reasonably supervise a representative. These are all against securities laws and internal firm rules. A brokerage firm such as LM Kohn & Company may be liable for investment losses on a contingency fee basis because the firm has a duty to reasonably supervise its representatives in order to make sure they do not violate securities laws. Investment losses may be recoverable in the FINRA arbitration forum on a contingency fee basis if a registered representative such as Mr. French violates those rules.
Dainforth French was previously registered with Raymond James in St. Petersburg, Florida from June 1998 until September 2000, Donnelly Penman & Partners in Grosse Pointe, Michigan from January 2001 until October 2004, and Leonard & Company in Troy, Michigan from October 2004 until September 2012. He is currently registered with L.M. Kohn & Company in Troy, and has been since September 2012. He has four customer disputes against him, two of which are currently pending, and four financial matters, one of which is pending. This is according to his public, online FINRA BrokerCheck report.

AdobeStock_91053286-1-300x194According to a recent FinancialPlanning article, former Woodbury Financial and Questar broker Kevin Wanner will face prison time and forfeiture of assets, including real estate proceeds and his car. Wanner pleaded guilty to mail fraud and money laundering. He allegedly orchestrated a 15-year ponzi scheme involving CDs and investment funds, according to the North Dakota Securities Department. Quester and Woodbury, his former firms, have agreed to pay at least $3 million in restitution. Wanner allegedly had 66 victims, including several of his family members, and is one of the state’s largest ever securities fraud cases. Questar fired Wanner in December 2015 after North Dakota state regulators issued a cease-and-desist order. Questar agreed to a $2.4 million settlement in August. State regulators revoked Wanner’s license in December 2015 after they alleged he did not properly disclose CDs to Questar and depositing the money clients intended for the CDs into accounts controlled by him. He was then barred from the industry by the Financial Industry Regulatory Authority (FINRA) the following month. Wanner allegedly co-mingled his personal and business accounts and spent the money on things like a 2011 Mustang and home renovations.
Wanner was previously registered with Amev Investors, F&G Securities, John Kinnard & Company, Edward Jones, A.G. Edwards, Anchor National Financial Services, SunAmerica Securities, Merrill Lynch, LM Financial Partners, Raymond James, USAllianz Securities, Questar Capital Corp in Bismarck, North Dakota from December 2006 until August 2010, Woodbury Financial Services in Bismarck from August 2010 until December 2012 and Questar Capital Corp in Bismarck from December 2012 until December 2015. He has one customer dispute against him, alleging he defrauded a client out of $200,000, and two regulatory matters. He has been permanently barred from the industry. This is all according to his online, FINRA BrokerCheck report. Please call us today to find out how you may be able to sue Questar or Woodbury in the FINRA arbitration forum on a contingency fee basis if you lost money with Kevin Wanner. His brokerage firm may be liable for losses.

AdobeStock_78306447-1-300x199According to a Decision heard before the Financial Industry Regulatory Authority (FINRA), former Morgan Stanley broker Kenneth Mathieson was suspended for one year in all capacities and fined $50,000 for participating in private securities transactions and engaging in outside business activities without prior written notice to, and permission from, Morgan Stanley. FINRA also found that he submitted a false compliance questionnaire to the firm. In 2013, Morgan Stanley found that Mathieson had engaged in certain activities in connection with a company running an online education business, Aspen University, a private, for-profit school offering online degrees. He also personally invested in Aspen, up to a total of $66,000. He also made purchases in Aspen for his children totaling $30,550, and did not provide Morgan Stanley with notice of this. Mathieson expected to join Aspen’s board of directors and to receive stock options in the company because of his involvement with it. Shortly after Morgan Stanley found this, Mathieson was suspended and then terminated. This was against securities laws and internal firm rules. A broker must not engage in outside business activities.
Kenneth Mathieson, according to his online, public BrokerCheck report with FINRA, was previously registered with Prudential Securities Inc. in New York, New York from September 1987 until November 1999, Citigroup Global Markets in New York from November 1999 until June 2009, Morgan Stanley in New York from June 2009 until April 2014 and Raymond James in New York from June 2014 until March 2017. He is currently registered with Laidlaw & Company in New York, and has been since February 2017. He has two customer disputes against him, alleging that he falsely and fraudulently induced claimants to hold on to positions they would have otherwise have sold, breach of fiduciary duty, and failure to supervise, and that he was involved in illegal activities involving a customer’s account including unauthorized trading.
Please call our securities law offices in Chicago today if you suffered losses with Kenneth Mathieson. You may be able to bring a claim against Morgan Stanley on a contingency fee basis in the FINRA arbitration forum. Attorneys are standing by to take your call and there is no obligation with it.

According to records with the Financial Industry Regulatory Authority (FINRA), Raymond James broker Clifford Vatter allegedly made unsuitable investment recommendations, misrepresented and omitted material facts, breached fiduciary duty, made unauthorized withdrawals, and other things. These are all against securities laws and internal firm rules. A broker such as Mr. Vatter must take into account a client’s age, net worth, investment objectives and investment sophistication before recommending or selling an investment. If he does not, his brokerage firm may be liable for investment losses on a contingency fee basis, which means we only make money if you recover yours. Raymond James has claims brought against it in the FINRA arbitration forum for allowing its brokers to violate securities laws.

According to online reports with FINRA’s BrokerCheck, Clifford Vatter was registered with J.C. Bradford & Co. in New York, New York from June 1983 until August 2000, UBS in Weehawken, New Jersey from August 2000 until May 2002, Morgan Keegan in Louisville, Kentucky from June 2002 until February 2013 and Raymond James in Louisville, from February 2013 until August 2017. He has six customer disputes against him, and is not currently registered as a broker.

AdobeStock_762441-1-300x225According to multiple complaints filed with the Financial Industry Regulatory Authority (FINRA), Todd Douglas Ryman has been subject to several disclosures on his record, including allegations of unauthorized trading, unsuitable trading, misrepresentation of material facts, and other transgressions. He was also accused of selling an unsuitable Private Equity fund. These are all against securities laws and regulations. His former firm, Raymond James, and his current firm, SunTrust Investment Services, can be sued in the FINRA arbitration forum on a contingency fee basis for losses. The call to our securities law offices is free with no obligation so please call today for a consultation with one of our attorneys.
He was previously registered with Josephthal & Co. in New York, New York from February 1996 until July 1998, UBS in Weehawken, New Jersey from July 1998 until October 2002, Banc of America Investment Services in Atlanta, Georgia from October 2002 until October 2009, Merrill Lynch in Atlanta from October 2009 until May 2011, Deutsche Bank in Atlanta from May 2011 until September 2016 and Raymond James in Atlanta from September 2016 until February 2017. He is currently registered with SunTrust Investment Services in Atlanta and has been since February 2017. He has six customer disputes against him, two of which are currently pending.

AdobeStock_50775754-2-300x200You are. Raymond James can be sued in the Financial Industry Regulatory Authority (FINRA) arbitration forum on a contingency fee basis if you lost money with one of its brokers. William McWilliams, a former broker with Raymond James, recently entered into a Letter of Acceptance, Waiver and Consent (AWC) with FINRA, wherein he was accused of exercising discretionary trading authority without obtaining prior written authorization from his customer and the firm. This allegedly occurred at least 28 times in eight customer accounts. This is against securities rules and regulations, and, on February 27, 2015, Mr. McWilliams was terminated from the firm for violation of firm policies. He was also fined $7,500 and suspended for 10 days from the industry.
William McWilliams was previously registered with Waddell & Reed in Springfield, Massachusetts from September 2007 until February 2013 and Raymond James in Jefferson City, Missouri from January 2013 until March 2015. He is currently registered with Stifel, Nicolaus & Company in Columbia, Missouri and has been since April 2015, according to his FINRA public records. Please call our securities law firm today at 312-332-4200 to find out how to bring a claim against Raymond James if you suffered losses with William McWilliams. We take cases on a contingency fee basis only, so we only are paid if you recover your investment losses. The call is free with no obligation. We can help you sue Raymond James in the arbitration forum. We are based in Chicago, Illinois.

Stoltmann Law Offices is investigating Ciro Cavazos, a former Raymond James advisor. He was recently terminated from the firm. He allegedly borrowed money from a client without providing disclosure to Raymond James. Cavazos also allegedly misrepresented material facts related to an investment, and made unauthorized withdrawals that resulted in a tax liability. If you have lost money investing with Ciro Cavazos, also known as Nicholas Cavazos, please call our securities law firm at 312–332–4200 to speak to an attorney. The call is free. We may be able to help you bring a claim against his former firm, Raymond James. Cavazos was registered with Merrill Lynch in Chico, California from October 2007 until November 2007, A.G. Edwards & Sons in Paradise, California from October 2001 until January 2008, Wachovia Securities in Chico from January 2008 until November 2008, Edward Jones in Paradise from October 2008 until July 2011 and Raymond James in Chico from July 2011 until March 2016.

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