The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
- FINRA Case 12-02494- a customer of Raymond while he was registered with Andrew Garrett alleged damages of $2,500,000 for unauthorized and speculative trades. That case was settled for $431,500.
Raymond discloses a currently pending customer dispute. In FINRA Case 14-20708 a customer while Raymond was registered with Andrew Garrett alleges damages of $38,818 for unauthorized and excessive trading.
Wayne M. Raymond has been registered with PHX Financial since 2/2014. He was registered with Halcyon Cabot Partners from 11/2013-2/2014 and with Andrew Garrett, Inc. from 9/2004-9/2013.
If you have questions about an account handled by Wayne M. Raymond contact us to discuss your options and to learn how you may be able to recover damages through FINRA arbitration.
Excessive trading occurs whcn a registered representative exercises control over a customer’s account and the level of activity in that account is inconsistent with the customer’s investment objectives, financial situation, and needs. Excessive trading violates FINRA’s suitability standards under NASD Conduct Rule 2310 and FINRA Rule 2 11 1. Excessive trades recommended with requisite scienter such as a reckless disregard for a customer’s interests – is considered churning.
Excessive trading generally is measured by the turnover rate, which is the number of times the value of the account is turned over within a given period of time, and the cost-to-equity ratio, which represents the percentage of return on the customer’s average net equity needed to pay commissions and other account expenses over a given period of time.
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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