Raymond James is a financial services holding company with three wholly-owned broker-dealer subsidiaries in the United States (Raymond James Financial Services and Raymond James & Associates, and Raymond James Limited). Raymond James was founded in 1962 now has more than 6,000 financial advisors. The company went public in 1983 and now has 2,600 locations throughout the U.S., Canada and overseas. They serve more than 2.6 million accounts.
A securities brokerage firm licensed by FINRA, Raymond James & Associates has a legal duty to supervise its brokers and its brokers' recommendations to clients to ensure compliance with and prevent violations of the rules of the security industry. When an individual broker is negligent or acts in an unlawful manner against the interests of the client and that client suffers damages as a result of such wrongdoing, the firm may be held liable for the investor losses.
Raymond James | Morgan Keegan
Morgan Keegan & Co. was founded in 1969 in Memphis, Tennessee and is a full-service investment firm offering services such as securities brokerage, investment banking, and wealth and asset management. In 2001, Morgan Keegan & Co. was purchased by Regions Financial and operated as its investment and securities brokerage trust and asset management division. In January of 2012, Regions sold Morgan Keegan to Raymond James for $930 million; its interim name is currently Raymond James | Morgan Keegan. Regions Morgan Keegan was retained by Regions and operates as Regions Trust. Morgan Keegan has more than 300 offices in 20 states.
Raymond James Investment Fraud & Broker Misconduct
Did you suffer significant financial losses after making an investment with Raymond James? Investors have the right to bring claims against Raymond James and Raymond James certified brokers of fraud and related misconduct. The Financial Industry Regulatory Authority (FINRA) lists various violations of securities law in Raymond James' history.
For example, in 2005 the investment firm was fined by NASD (now a part of FINRA) $750,000 for fee-based account violations. In addition to the fines, Raymond James also had to pay restitution to some of its investors. The Vice Chairman of NASD issued a statement saying that Raymond James was fined because they recommended these fee-based accounts to many customers for whom this type of account was not appropriate.
In 2007, NASD fined Raymond James $2.7 million for negligent supervision of branch managers. According to this regulatory action, Raymond James failed to adequately supervise is branch managers, and consequently securities sales activities. The failures took place at branches throughout the United States. At least 1,000 branch managers were under-supervised. The NASD also filed a related action against one particular branch manager, Donna Vogt, for unsuitability involving elderly investors.
In 2011, FINRA ordered Raymond James to pay $1.69 million in restitution to its investors after the firm charged unfair commissions. According to this FINRA action, more than 15,500 investors were forced to pay unfair commissions on securities transactions from 2006 to 2010. The overcharging was a direct result of inadequate supervision.
Retaining a Securities Arbitration & Investment Fraud Lawyer
Meyer Wilson has what you need to file an investor claim to recover your losses caused by Raymond James. Our experience, expertise and financial resources can hold securities brokerage firms such as Raymond James & Associates accountable so that you can get your hard-earned money back. Our firm represents clients with investor claims in federal and state courts, and in arbitration through The Financial Industry Regulatory Authority (FINRA), the American Arbitration Association (AAA) and private arbitration. We also represent international clients with claims against Raymond James (U.S.) through FINRA.
To determine whether you have a case against Raymond James & Associates for your losses, call us toll-free or complete our online form to request a free case evaluation.