Tag Archives: raymond james litigation

Donald Cox-Raymond James Broker-Discloses Regulatory Event and Customer Dispute-Wyandotte, MI

June 2020- Wyandotte, MI

The FINRA records of Donald Marshall Cox, a broker  employed  by  Raymond James & Associates, Inc. disclose  a regulatory event and a customer dispute.

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 12/ 2014, Florida Office of Financial Regulation filed case #55706-SR alleging Cox conducted investment advisory business from offices within this state without the benefit of lawful registration in violation with Florida Statutes.   Cox was sanctioned to cease and desist and he was fined $10,000.

In October  2018,  a Raymond James & Associates, Inc. customer was paid $165,000 to resolve allegations of  breach of contract, breach of fiduciary duty, forgery, fraud, constructive fraud, professional malpractice, conversion and aiding and abetting.

Cox has been employed with Raymond James & Associates  since October of 2004.

If you have questions about an account  handled by Donald Marshall Cox 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.

International Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Scott D. Williams-Former LPL / Raymond James Broker- Discloses Termination For Discretionary Trading & Customer Suit for Churning- Franklin, TN

March 2019 – Franklin, TN

The FINRA records of Scott Douglas Williams, who is not currently registered as a broker,  disclose  a pending customer dispute 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 2/2019 a customer of LPL Financial filed FINRA case 19-0481 alleging that Williams churned their account and made unsuitable investment recommendations from March 2017-March 2018 , made for the purpose of generating excessive commissions.

Williams was employed by LPL Financial from 2/2017-8/2018. Prior to that Williams was employed by Raymond James from 1/2011-2/2017. In July 2018,  Williams  was discharged from LPL Financial.  In connection with the termination,LPL Financial alleged that Williams “violated the firm policy regarding discretion”.

Discretionary Trading is when a broker makes the trades in a customer’s account without first consulting with the customer. Generally a firm requires that a written agreement be in place in which the customer agrees to permit the broker to trade without consulting with the customer first.

If you have losses in an account  handled by Scott Douglas Williams , contact us for a no charge consultation to learn how you may be able to recover damages through FINRA arbitration.

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

 

Claus Foerster Indicted for $2.8M Fraud-Spartanburg, S Carolina

March 2016

The US Attorney’s Office for District of South Carolina announced that Claus C. Foerster, age 55, of Spartanburg, South Carolina was charged in a 5 count indictment with wire fraud.  Maximum penalty is 20 years imprisonment and a fine of $250,000.

Foerster, touting a non existent company, SG Investments,  allegedly defrauded clients of $2.8 million while employed by Smith Barney, Morgan Keegan and Raymond James from 2000-2014.

Foerster was barred from the securities industry in June 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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Former Raymond James StockBroker Barred From Industry for Taking Customer Funds

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.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Raymond James Broker Scott Altman Suspended and Fined

FINRA fined Scott Howard Altman, a broker with Raymond James & Associates  in RIchfield, Ohio, $5,000 and suspended him for 20 days to resolve allegations that he executed transactions in a customer account without the customer’s knowledge or authorization.

Altman received fraudulent emails from someone purporting to be the customer requesting wire transfers. Since the requested wire transfers exceeded the available cash in the account, Altman liquidated mutual funds totalling $26,000 and sold equities of $84,570 to fund the bogus wire transfers, without the customer’s knowledge or authority.

Rex Securities Law provides nationwide representation to investors 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.

Rex Securities Law

561 391 1900