Meyer Wilson | Investor Claims In the News
Investors with Raymond James get $300 million
Posted on Aug 31, 2011
Raymond James Financial Services has been ordered to pay investors approximately $300 million owed to them, after their funds were frozen during the shutdown of the Auction Rate Securities (ARS) in 2008.
State securities regulators have worked together over the last three years to ensure that all frozen funds were returned to investors, adding up to the biggest return of funds to investors in history at $61 billion.
The settlement with Raymond James is the result of an investigation led by the Florida Office of Financial Regulation and the Texas State Securities Board. Investors started to file complaints with state regulators when they could not access their funds through the firm, which had sold them to investors as a safe, liquid asset.
"Today's settlement will provide much-needed relief to investors who continue to suffer from the collapse of the auction rate securities markets," said David Massey, NASAA President and North Carolina Deputy Securities Administrator. "This settlement is the most recent example of how states initiate a collaborative approach to a national problem. We will continue to seek relief for investors who suffered from the collapse of the ARS markets."
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