The Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A. law firm is currently investigating claims relating to misconduct and fraud perpetrated by Raymond James Financial Services, Inc.
Background of Raymond James Financial Services, Inc.
Founded in St. Petersburg, Florida by Robert James in 1962, Raymond James Financial, Inc. merged with Raymond and Associates in 1964 to form Raymond James & Associates, Inc. The company has since become known simply as Raymond James Financial, Inc.
In 1983, Raymond James went public and currently trades on the NYSE. It has over 5,000 employees in 2.200 international locations and has $3.8 billion in market capitalization. The company is highly successful in sector research and sustains a healthy customer approval rating.
Raymond James has been sued and fined multiple times in recent years for everything from wrap accounts, lax supervision, late reporting, broker disclosures, and overcharging for mutual funds to “yield burning”.
More recently, Raymond James was sued for falsely advertising ARS (Auction-Rate Securities) as liquid investments. In 2008, investors say that they were trapped holding ARS bonds unfit to sell due to the plummet of the ARS market, which Raymond James brokers did not warm them of. In 2010, Raymond James was ordered to buy back millions of dollars worth of ARS from mislead investors that lost money.
Yet another example of fraud committed by Raymond James occurred in 2004, when a former Raymond James broker pleaded guilty to tricking wealthy investors into placing an excess of $44 million into a fake account. The broker withdrew money from his account for personal use.
Additionally, a former Raymond James broker in Connecticut pleaded guilty earlier this year to swindling clients out of $1.3 million.
So far, this brings the grand total of fines that FINRA and NASD have slapped on Raymond James to $1 million for the company's failure to supervise employees and broker misconduct.
If you or a loved one have suffered losses due to actions committed by Raymond James Financial Services, contact our investment fraud attorneys at the law offices of Levin, Papantonio, Thomas, Mitchell, Rafferty & Proctor, P.A. or fill out a free claim evaluation form on this site. You may be entitled to recover your losses.