Former Raymond James StockBroker Barred From Industry for Taking Customer Funds

Former Raymond James StockBroker Barred From Industry for Taking Customer Funds

Former Raymond James StockBroker Barred From Industry for Taking Customer Funds 150 150 Robert Rex, Esq.

October 8, 2015

Paul Anthony Steffany , entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that he he violated NASD and FINRA Rules by converting at least $112,742 belonging to a firm customer, a trust under an Estate for which he served as the trustee.

Conversion is the intentional and unauthorized taking ofand/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. Conversion of customer funds violates NASD Rule 2330(a) and FINRA Rule 2150(a), which prohibit persons associated with a FINRA-regulated broker-dealer from making”improper use” ofa customer’s funds.

Conversion also violates NASD Rule 2110 and FINRA Rule 2010, which require associated persons to observe ”high standards of commercial honor and just and equitable principles of trade.”

In addition, FINRA alleges that Steffany forged checks payable to the Estate and used the funds to pay his personal expenses.

AWC No.  2014041650301

Steffany was barred from the securities industry.

According to FINRA records, Steffany  was registered with Moors & Cabot, Inc.  from 7/2014-10/2015. Prior to that he was registered with Raymond James from 6/2007-6/2014.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

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