The rapid expansion of Raymond James Financial Services INC is suspicious, as state and federal securities agencies have brought on more than 83 formal proceedings. Thousands of complaints have been filed for misconduct at the hands of Raymond James’ security sales and related representatives. Not only have these complaints been filed, but they have also not been reported by the firm’s Central Depository Record.
There are more than 23 U.S. Securities and Exchange Commission and Financial Industry Regulatory Authority disciplinary proceedings, revealing the firm’s flaws, with disciplinary proceedings and supervisory lapses over the last ten years. Regulators of state securities from across the U.S. filed the remaining 60 disciplinary proceedings. In addition, the firm has been fined millions of dollars due to its misconduct and supervisory failures. Continue reading the article below to learn more.
Some of the noted FINRA Sanctions of Raymond James & Associates, Inc. include:
- failure to create and sustain a supervising system
- failure to establish, sustain, and enforce supervisory procedures in writing
- violations of MSRB Rule G-27; this deals with the supervising of representatives sharing recommendations to customers with 529 savings plans
- cheating charitable organizations and retirement plan customers of sales charge discounts
These are only a handful of the filings against the organization. For more on the questionability of Raymond James Financial Services Inc. and whether you have the right to sue for Raymond James Complaints & Regulatory Actions, continue reading.
General Firm Background
James Financial Services INC. was founded in 1968 as a broker-dealer and investment advisory company. Since its beginnings, it has undergone name changes and restructuring. Today, its headquarters reside in St. Petersburg, Florida.
There, it functions as a full-service firm. It has grown as an independent broker-dealer because of the organic development and acquisition of various offices. There are more than 3000 branch offices in the U.S., making it one of the country’s largest broker-dealer advisory and investment firms. There are more than 7500 representatives of the branch in each state.
Common Types Of Complaints
- It functions as a firm that provides financial services with several subsidiaries as a part of the broker-dealer and investment advisor firm. The growth of the business has not been without numerous customer complaints and federal and state reports of violations on the company’s part.
- Raymond James Complaints & Regulatory Actions reports range from securities sales misconduct to violations of investment regulations. As a repeat offender, Raymond James accumulates extreme amounts of customer and regulatory complaints.
- Many of the Raymond James Complaints & Regulatory Actions have been advocated for by firms representing investors fighting the organization’s breaches of fiduciary duty and its various negligent and fraudulent actions by the organization’s financial advisors.
Why Complaints Have Compiled: Raymond James Complaints & Regulatory Actions
The complaints are due to a lack of supervisory practices and enforcement of these procedures. Many operations do not meet the financial requirements needed to provide full-service financial services. Some of these costs cover important factors that help to ensure that supervisory protocols are executed, including paying for an on-site manager, operation enforcer, and compliance officer.
The lack of control in the supervising of these professionals is because they are not directly employed by the broker-dealers. In other words, they do not have the same strict requirements as the registered representatives. Additionally, because registered representatives control the structure, they prioritize maximizing profit, which can leave investors unprotected.
Suing The Organization
- If the misconduct at Raymond James has resulted in your financial loss, you can sue the organization. Unfortunately, you likely signed off your right to take them to court through a FINRA arbitration proceeding. The good news is that many investment fraud attorneys are equipped with skills and experience in FINRA arbitration proceedings so that you can sue and WIN the arbitration.
- If you’ve suffered financial losses due to actions by the advisors of Raymond James and feel that you have a claim to add to Raymond James Complaints & Regulatory Actions, get in touch with an investment loss attorney immediately. Statutes of limitations may interfere with the success of adding your claim to the growing list of Raymond James Complaints & Regulatory Actions.
Why You Need A Qualified And Experienced Lawyer
- Resolving legal disputes as they relate to Raymond James Complaints & Regulatory Actions is a complicated process. Customers who attempt to resolve these disputes on their own often have their claims denied by the organization directly. Therefore, for both reasons, it is essential that you seek legal help to address Raymond James Complaints & Regulatory Actions successfully.
- The complexities involved in advocating for reimbursements by those responsible for investment losses and the lack of supervisory actions regarding the oversights of stockbrokers and advisors are not easy to navigate. With an attorney experienced with these cases, you’re in a better position to win out and get the compensation that was rightfully yours to begin with.
- In addition to understanding how to legally navigate for you, the attorney you work with will also understand how the independent broker-dealer company operations are supposed to work.
- They can argue on your behalf about all of the mistakes and errors that contributed to the Raymond James Complaints & Regulatory Actions and how these explain your investment losses.
- Your attorney will clearly understand the standard operations that must take place to prevent these actions and use these facts to showcase the wrongdoings that led to your losses.
- With this additional information, your case is further supported with examples of how the organization was improperly run. You can provide concrete evidence of the Raymond James Complaints & Regulatory Actions contributing to your losses.
Receiving The Assistance You Need To Recover Losses
Unfortunately, broker negligence and misconduct are frequent problems at Raymond James Financial Services Inc. If you feel you may have a claim to add to the Raymond James Complaints & Regulatory Actions, hire an investment fraud attorney. Discuss the specifics of your case and learn what legal professionals can do to assist you in obtaining the compensation you deserve.