Paul David Arnold, a former broker with St. Petersburg, FL based Raymond James & Associates, Inc., was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint alleging that he misappropriated and misused funds totaling $173,600 from an elderly customer. Mr. Arnold allegedly had the customer sign blank checks that Mr. Arnold later made payable to his wife or son without the customer's authorization. The customer allegedly thought the blank checks that Mr. Arnold had him sign were being used to pay the customer's bills, which were not being used for that purpose. The complaint further alleges that Mr. Arnold, of Clearwater, Florida, failed to appear and provide testimony in connection with a FINRA investigation.
Broker-dealers must establish and implement a reasonable supervisory system to protect customers from broker misconduct. If broker-dealers do not establish and implement a reasonable supervisory system, they may be liable to investors for damages flowing from the misconduct. Therefore, investors who have suffered damages due to broker misappropriations such as those misappropriations allegedly committed by Mr. Arnold can bring forth claims to recover losses against Raymond James & Associates, which could have prevented brokers from committing illegal activity.
Have you suffered losses in your Raymond James & Associates, Inc. or any other brokerage account due to misappropriations by your broker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Raymond James & Associates, Inc. stockbrokers who may have engaged in misconduct and caused investors losses.
The most important of investors' rights is the right to be informed! This Investors' Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 30 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at email@example.com for answers to any of your questions about this blog post and/or any related matter.