Raymond James controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2020
FINRA fines and censures Raymond James
Fine or penalty
FINRA found that Raymond James & Associates violated municipal securities rules and settled charges with the firm. Raymond James agreed to pay $47,500 and be censured without admitting or denying FINRA’s findings.
Source excerpt
Published October 09, 2020, 11:50 a.m. EDT
Raymond James agreed to pay the fine and be censured while neither admitting nor denying FINRA’s findings that it violated Municipal Securities Rulemaking Board Rules G-34 on CUSIP requirements, and Rule G-27, on supervision.
Raymond James & Associates, Inc. has agreed to pay $47,500 to settle charges it violated multiple municipal securities rules after the Financial Industry Regulatory Authority found it failed to accurately submit variable rate demand obligation interest rate information.
2020
Raymond James firms sue Ohio National over annuity commissions
Lawsuit filed
Raymond James & Associates and Raymond James Financial Services sued Ohio National Life Insurance Co. in federal court in Florida, alleging that the insurer failed to pay compensation for sales of certain annuity products.
Source excerpt
The two main broker-dealers under the umbrella of Raymond James Financial Inc. last week sued insurer Ohio National Life Insurance Co. in federal court in Florida, alleging that the insurer had reneged on its obligation to pay compensation for sales of certain annuity products.
2017
Email-supervision enforcement
Raymond James was fined $2 million for failing to reasonably supervise email communications.
2016
Anti-money-laundering control failures
Raymond James entities were fined a total of $17 million for inadequate anti-money-laundering procedures, including failures to prevent or detect, investigate, and report suspicious activity. Former compliance officer Linda L. Busby was separately fined and suspended.
2011
Auction-rate securities settlement
Raymond James agreed to repurchase qualifying auction-rate securities at par and pay $1.75 million in state penalties in a settlement with the SEC and state regulators. The firm did not admit or deny the allegations.
2011
Excessive-commission enforcement
FINRA ordered two Raymond James subsidiaries to provide $1.69 million in restitution to approximately 15,500 clients and imposed additional fines over excessive commissions on securities transactions.
2005
Inadequate supervision of producing branch managers
The NASD fined Raymond James $2.75 million over supervisory weaknesses involving producing branch managers and alleged unsuitable recommendations of mutual funds and variable annuities.
2004
SEC action involving Dennis Herula supervision
The SEC fined Raymond James Financial Services $6.9 million for alleged failure to supervise former broker Dennis Herula, who was involved in a Ponzi scheme that raised approximately $44.5 million from investors.