Our firm is investigating Emerson Equity LLC broker and registered representative James John Raia (CRD# 2397301) of Irvine, California for potential investment-related misconduct.
Financial Advisor’s Career History
According to his FINRA BrokerCheck report, James John Raia has been registered with the following brokerage firms (among others) during his securities industry career:
- Emerson Equity LLC (05/2025 – Present) – Registered Representative (San Mateo, CA / branch listed in Irvine, CA)
- Moloney Securities Co., Inc. (02/2018 – 06/2025) – Registered Representative
- Summit Brokerage Services, Inc. (09/2015 – 02/2018) – Registered Representative
- J.P. Turner & Company, L.L.C. (12/2009 – 09/2015) – Registered Representative
- GunnAllen Financial, Inc. (02/2005 – 12/2009)
- Greenpoint Securities LLC (01/2004 – 12/2004)
- Essex National Securities, Inc. (10/1997 – 01/2004)
- MetLife Securities Inc. / Metropolitan Life Insurance Company (08/1997 – 10/1997)
- Shamrock Financial Services (12/1996 – 08/1997)
- Continental Broker-Dealer Corp. (03/1997 – 07/1997)
James John Raia Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects 10 customer disputes (including settled, withdrawn/denied/closed matters, and at least one pending matter) and one termination event reported on Mr. Raia’s record.
Disclosure summary (for context)
- Customer dispute (FINRA arbitration) – Settled (04/08/2025): Suitability/negligence (2018–2021) involving corporate debt; alleged damages $412,600; FINRA case 24-00509; settlement $192,500 (firm paid; individual contribution $0).
- Customer dispute (FINRA arbitration) – Settled (12/05/2024): Suitability/negligence (2019–2020) involving corporate debt; alleged damages $50,000; FINRA case 23-01410; settlement $22,378.67 (firm paid; individual contribution $0).
- Customer dispute (FINRA arbitration) – Settled (06/01/2023): Suitability/negligence involving corporate debt; alleged damages $30,000; FINRA case 22-02179; settlement $10,000 (firm paid; individual contribution $0).
- Customer dispute (FINRA arbitration) – Settled (04/17/2014): Alleged unsuitability and misrepresentation involving a real estate security; alleged damages $23,128; FINRA case 13-02704; compensation $24,500 (individual contribution $24,500).
- Customer dispute (FINRA arbitration) – Settled (08/07/2013): Alleged negligence/breach of contract/unsuitable investment/misrepresentation involving a real estate security; alleged damages listed as $0 (with an explanation suggesting damages believed > $5,000); FINRA case 13-01291; compensation $24,395 (individual contribution $24,395).
- Customer dispute – Withdrawn (12/08/2025): Alleged misrepresentations and suitability issues (dividends suspended/not paid as anticipated) involving oil & gas / REIT / real estate security; alleged damages $115,000.
- Customer dispute – Withdrawn (02/26/2024): Suitability/negligence (2014–2016) involving a real estate security; alleged damages $150,000.
- Customer dispute – Denied (06/21/2017): Allegations involving a REIT (Phillips Edison) and guidance regarding surrender of a variable annuity (with alleged tax consequences); alleged damages $110,000.
- Customer dispute – Closed/No Action (11/21/2018): Alleged unsuitable investment (2006) in Behringer Harvard REIT I; alleged damages $100,000.
- Customer dispute (FINRA arbitration) – Pending (as of 02/11/2025): Suitability/negligence (2019–2021) involving corporate debt; alleged damages $940,000; FINRA case 25-00196 (filed 01/29/2025).
- Employment separation after allegations – Discharged (11/17/2004): Discharged by Green Point Financial following allegations described as failure to comply with “RATE 60” (variable annuity referenced).
Allegations involving corporate debt (2018–2021 / 2019–2021) and FINRA arbitration filings
Several disclosures describe suitability/negligence allegations tied to corporate debt recommendations, including matters reportedly occurring between 2018–2021 and 2019–2021, with alleged damages ranging from $30,000 to $940,000.
- In one matter, the customer alleged suitability/negligence from 2018–2021 involving corporate debt, claimed $412,600 in damages, and filed a FINRA arbitration (24-00509, filed 03/07/2024). The matter was reported as settled on 04/08/2025 for $192,500, with $0 reported as the individual contribution amount.
- Another matter alleged suitability/negligence from 2019–2020 involving corporate debt, claimed $50,000 in damages, and proceeded in FINRA arbitration (23-01410, filed 05/16/2023). It was reported as settled on 12/05/2024 for $22,378.67, with $0 individual contribution reported.
- A third corporate-debt dispute alleged damages of $30,000, was filed in FINRA arbitration (22-02179, filed 09/23/2022), and was reported as settled on 06/01/2023 for $10,000, with $0 individual contribution reported.
- FINRA BrokerCheck also reflects a pending corporate-debt dispute alleging suitability/negligence from 2019–2021, with alleged damages of $940,000, filed as FINRA arbitration 25-00196 on 01/29/2025 (complaint received 02/11/2025).
REITs / real estate securities / variable annuity allegations (including misrepresentation and dividend expectations)
Other disclosures involve real estate securities/REITs and, in one instance, a variable annuity, with allegations including unsuitability, misrepresentation, and issues tied to dividends or tax consequences.
- A customer complaint received 12/03/2025 alleged misrepresentations and suitability concerns, including that dividends were suspended and “not paid as anticipated,” involving products identified as oil & gas, real estate security, and REIT; the matter was reported as withdrawn on 12/08/2025 with alleged damages of $115,000.
- A complaint received 01/23/2024 alleged suitability/negligence (2014–2016) involving a real estate security and was reported as withdrawn on 02/26/2024, with alleged damages of $150,000.
- A complaint received 05/25/2017 alleged, among other things, loss of appreciation from a prior mutual fund mix because a Phillips Edison REIT was purchased, and referenced surrender of a Jackson annuity and alleged tax consequences; products listed include real estate security and variable annuity; alleged damages were $110,000, and the matter was reported as denied on 06/21/2017.
- A complaint received 04/26/2016 alleged an unsuitable investment (2006) in Behringer Harvard REIT I, with alleged damages of $100,000; it was reported as closed/no action on 11/21/2018.
Older FINRA arbitrations alleging unsuitability and misrepresentation (2013–2014)
FINRA BrokerCheck also lists two older real-estate-security arbitrations reported as settled:
- A matter served 10/28/2013 alleged unsuitability and misrepresentation involving a real estate security, alleged damages $23,128, and was reported as settled on 04/17/2014 for $24,500, with $24,500 listed as the individual contribution amount.
- A matter served 05/15/2013 alleged negligence/breach of contract/unsuitable investment/misrepresentation involving a real estate security and was reported as settled on 08/07/2013 for $24,395, with $24,395 listed as the individual contribution amount.
Employment termination disclosure
Mr. Raia’s BrokerCheck record reflects an employment separation after allegations in which he was reportedly discharged on 11/17/2004 by Green Point Financial, following allegations described as failure to comply with “RATE 60,” with a variable annuity referenced as the product type.
To obtain a copy of James John Raia’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability) requires brokers and firms to have a reasonable basis to believe a recommendation is suitable for a customer based on that customer’s investment profile (including factors such as risk tolerance, objectives, and time horizon). Where complaints allege unsuitable recommendations or negligence tied to products like corporate debt or REIT/real estate securities, Rule 2111 is often central because it frames whether the recommendations matched the investor’s needs and whether risks were appropriately considered and aligned with the customer’s profile.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade) broadly requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Allegations of misrepresentation, failure to disclose material risks, or sales practices that investors claim were unfair or misleading (including disputes referencing dividend expectations, REIT features, or annuity-related consequences) frequently implicate Rule 2010 because it is a catch-all conduct standard FINRA applies to unethical or improper broker behavior.
FINRA Rule 2210 (Communications with the Public) governs how firms and associated persons communicate with investors, including requirements that communications be fair and balanced and not omit material information. Where disputes involve alleged misrepresentations—for example, complaints suggesting clients were led to expect certain income/dividends or were not fully informed about product risks—Rule 2210 can be relevant to evaluating whether the information provided to the customer was accurate, balanced, and sufficiently complete for an informed decision.
The Law Offices of Robert Wayne Pearce, P.A. is a nationally recognized securities law firm representing investors in FINRA arbitration and securities fraud cases on a contingency fee basis. Robert Wayne Pearce, the founding attorney, has more than 45 years of experience recovering millions for victims of broker misconduct and investment fraud. He previously defended major brokerage firms and now uses that insight to protect investors nationwide. To discuss your case directly with Mr. Pearce, call (800) 732-2889 or email pearce@rwpearce.com for a free consultation.