Raymond Sardina, a registered representative with the Coral Gables, Florida branch of Raymond James & Associates, Inc. (Raymond James) been suspended by the Financial Industry Regulatory Authority (FINRA) for borrowing a customer’s money in violation of firm rules.
Without admitting or denying FINRA’s findings, Raymond Sardina consented to the sanctions and to the findings that he borrowed $10,000 from a Raymond James customer, in violation of FINRA Rule 3240, which prohibits registered representatives from borrowing or lending money to customers unless permitted under the firm’s rules. In this case, Mr. Sardina was required to notify his firm of the loan and obtain firm approval, both of which he allegedly failed to do, according to FINRA.
FINRA also found that Mr. Sardina falsely answered his firm’s annual compliance questionnaire, which asked about outside business relationships with customers, to which he answered no despite having already taken the loan from his customer. Due to the above-described misconduct, Raymond Sardina, of Miami Florida, was suspended by FINRA for one month. The suspension was in effect from April 20, 2015 through May 19, 2015.
Stockbrokers have been known to engage in many types of practices in violation of industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers to establish and implement a reasonable supervisory system. The implementation of the rules require supervisors to monitor employees to ensure they comply with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker dealers and their supervisors do not establish and implement these protective measures, they may be a liable to investors for damages flowing from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful activity can file a claim to recover damages against broker dealers like Raymond James, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Raymond James investment account due to your stockbroker’s misconduct? 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 stockbrokers for unsuitable recommendations and/or other types of stockbroker misconduct.
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 33 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 post a comment, call (800) 732-2889, send Mr. Pearce an email at email@example.com, and/or visit our website at www.secatty.com for answers to any of your questions about this blog post and/or any related matter.