Former Raymond James & Associates, Inc. (Raymond James) broker, Scott Sibley, has been barred by the Financial Industry Regulatory Authority (FINRA) for effecting precious metals purchases without his customers’ authorization, knowledge or consent. Scott Allen Sibley, of Fort Lauderdale, Florida, also allegedly made unsuitable recommendations to over-concentrate the accounts of at least 10 customers, all of whom were seniors with conservative investment objectives.
According to FINRA, Scott Sibley effected over 900 securities purchases in a customer’s accounts without the customer’s knowledge or consent. Further, Mr. Sibley caused this customer to carry a margin debit balance without authorization or consent. FINRA also found that Mr. Sibley made unsuitable recommendations to over-concentrate customers’ accounts in precious metals to at least 10 customers, all of whom were seniors who relied on the money in their accounts to fund their retirements.
Without admitting or denying FINRA’s findings, Mr. Sibley submitted a Letter of Acceptance, Waiver, and Consent in which he was permanently barred from association with any FINRA member in all capacities.
FINRA rules require brokerage firms to establish and implement a reasonable supervisory system to protect customers from the risks associated with investing. The implementation of the rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, as well as the brokerage firm’s own policies and procedures. If broker-dealers and their supervisors fail to establish and implement these protective measures, they may be held liable to account holders for investment losses which stem from their employees’ misconduct. Therefore, investors who have suffered losses due to a brokerage firm’s failure to supervise the acts and omissions of its representatives can bring forth claims to recover damages against firms, like Raymond James, which have a duty to supervise employees in order to protect their customers’ interests.
Have you suffered losses in your investment account due to a stockbroker’s unauthorized and/or unsuitable account transactions? Did your stockbroker make recommendations and/or purchases which were unsuitable given your financial objectives? 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 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 40 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 firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.