March 2018-Dallas, Texas
Lewis H. Rogers, a broker who has worked for Raymond James & Associates since 2/2013, discloses on his FINRA records that an all public FINRA arbitration panel in Houston has ordered Raymond James & Assoc to pay one of Roger’s former clients over $250,000 for losses (including attorney fees and interest) suffered in their accounts, which included an IRA.
The former clients alleged that they received recommendations to invest in inappropriate investments, including master-limited-partnerships, MLPs. The former clients alleged that their accounts were over concentrated in these unsuitable investments and that Raymond James did not disclose its conflict of interest as a major underwriter of at least two of the MLPs. Mosley, et al vs. Raymond James & Assoc. FINRA Case 16-03199.
FINRA is the Financial Industry Regulatory Authority, the agency that licenses stock brokers and stock brokerage firms. Disputes over the mishandling of a brokerage account are generally resolved in FINRA arbitration, a process that is much more expedient and far less costly that court based litigation.
Stockbrokers have a duty to make recommendations that are suitable for the customer, taking into account the customer’s age, investment objectives and risk tolerance.
If you have suffered losses in your brokerage account and feel that you were misled as to the risks associated with the investments causing the loss, call for a no charge consultation.
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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