February 2017-Palm Beach Gardens, FL
According to publicly available records Paul M. Alexander, Jr. , (CRD# 4285605) , a currently unregistered stockbroker who last was employed by Raymond James & Associates, discloses a final regulatory event, a pending customer dispute, 4 prior final customer disputes and a termination from employment.
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.
In November 2016, without admitting or denying the findings, Alexander consented to suspension for 20 business days and a fine of $5,000 and the entry of findings that he effected transactions while exercising discretion without prior written authorization in customer accounts and without his employing firm accepting the accounts as discretionary.
Four prior customer disputes have been settled, including:
- In 3/2016 a customer alleged damages of $244,000 for unauthorized trading. That case was settled for $95,000.
- In FINRA arbitration 14-3677 a customer alleged damages of $60,000 for negligence, unsuitability and other claims. That case was settled for $36,000.
- In FINRA arbitration 14-0709 a customer alleged damages of $400,000 for excessive trading, unsuitable investments, unauthorized trading and other claims. That case was settled for $250,000.
Alexander was permitted to resign from Raymond James in 3/2015 after he acknowledged to the firm that he had exercised discretion in client accounts.
If you have questions about an account in an account handled by Paul M. Alexander, Jr. , contact us to discuss your legal options.
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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