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Broker Complaints: Raymond James & Associates (CRD# 705)

The securities and investment fraud attorneys at Fitapelli Kurta are interested in hearing complaints from investors who have lost money investing through Raymond James & Associates.

Raymond James & Associates is a registered broker-dealer firm, authorized to practice in 52 U.S. states and territories. Raymond James & Associates was incorporated in Florida in 1969 and its main office is located in St. Petersburg, Florida. Raymond James & Associates is registered with both the SEC and FINRA.

Raymond James & Associates has a plethora of complaints and FINRA violations on its BrokerCheck Report. In fact, Raymond James & Associates has received 105 regulatory events and has been a party to 67 arbitrations. The following are some notable complaints and fines Raymond James & Associates has received in the recent past:

In August 2014, Raymond James & Associates was fined $10,000 for failing to execute customer limit orders in over the counter securities after it traded each security for its own market-making account. On some occasions, Raymond James & Associates failed to execute the order at a price that would have satisfied each customer’s limit order. In one specific instance, Raymond James & Associates failed to use reasonable diligence to ascertain the best market and failed to buy in such a market that was favorable to the customer.

In May 2012, Raymond James & Associates was fined over $84,000 for engaging in unethical and dishonest practices. Specifically, Raymond James & Associates offered and sold auction rate securities to several of its customer while not accurately characterizing or disclosing the true nature and risks associated with those investments. While the trade confirmations Raymond James & Associates provided its customers disclosed the risk that these auctions could fail, Raymond James & Associates inaccurately described the securities as alternatives to money market funds and failed to warn of the risk of loss due to illiquidity.

In January 2010, Raymond James & Associates was fined $100,000 for maintaining inaccurate books and records.

In September 2008, Raymond James & Associates was fined $1 million dollars for permitting a broker who had been permanently barred from the financial industry to act as a registered representative.  In fact, from 2002 to 2005, Raymond James & Associates paid this person for three years for his services to the firm and allowed this non-registered representative to negotiate terms of stock loan transaction, and select counterparts to those transactions.

In June 2005, Raymond James & Associates was fined $90,000 for failing to report its municipal securities customer transactions to the NASD (FINRA’s predecessor).

In August 2005, Raymond James & Associates was fined $60,000 by the Indiana Securities Division for failing to supervise several branch managers and employees located in the Indiana branch office from 2000 to 2005.

If you or someone you know has fallen victim to the financial misconduct of Raymond James & Associates or one of its brokers, you may be entitled to full recovery of your losses. Call the attorneys at Fitapelli Kurta at 212-658-1502 now for your free consultation.

As a note to investors Raymond James also goes by the following names: ASSET MANAGEMENT SERVICES, INVESTMENT ADVISORY SERVICES, RAYMOND JAMES & ASSOCIATES, INC., RAYMOND JAMES CONSULTING SERVICES