Tag Archives: Raymond James problem

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

 

Kenton Gearhart (Merrill Lynch, Cincinatti) Sanctioned by Securities Regulator

March 10, 2016- Cincinnati, Ohio

Kenton K. Gearhart  entered into a Letter of Acceptance Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA) to resolve allegations that  while employed by Merrill Lynch he inaccurately marked at least 47 securities transactions iii at least 3 l customer accounts as unsolicited, when they were, in fact, solicited transactions. By doing so, Gearhart caused Merrill Lynch’s books and records to bc inaccurate and violated FINRA Rules 451 1 and 2010.

AWC No.  2013039577501

Gearhart was suspended from association with any FINRA member for 30 days and fined $7,500.

FINRA records disclose that Gearhart was registered with Merrill Lynch from 11/1994 to 12/2013. In December 2013 he was discharged by Merrill Lynch for recommending closed end funds not approved by Merrill Lynch, mismarking order tickets and disclosing personal trading  information to clients. Gearhart is currently registered with Raymond James.

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 Fined $500,000 by Securities Regulators for Disclosing Nonpublic Customer Information

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.

If you have questions about losses in an account at Raymond James,  contact us to find out 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

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