February 26, 2016- St. Petersburg, FL
Raymond James & Associates and Raymond James Financial Services entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that between January 2011 and March 2015, Raymond James caused certain newly-recruited brokers from other brokerage firms to disclose customer nonpublic personal information to Raymond James in violation of Rule 10 of Regulation S-P, thereby violating FINRA Rule 2010.
Raymond James used the nonpublic personal information provided to fill out new account forms with certain customer information. Raymond James, however, failed to make any determination as to whether the recruits, or the current broker-dealers with which the recruits were associated, had obtained the customers’ consent to provide Raymond James with the customers’ nonpublic personal information or provided customers with notice of, and an opportunity to opt-out of the disclosure of said information.
AWC No. 2013035599201
Raymond James was censured and fined $500,000.
Raymond James & Associates, Inc. has been a FINRA registered broker-dealer since August 1964. Raymond James Financial Services, Inc. has been a FINRA registered broker-dealer since May 1974. They are wholly owned subsidiaries of Raymond James Financial, Inc. and are headquartered in St. Petersburg, Florida. They have approximately 11,400 registered representatives and 3,200 branch offices nationwide.
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