The Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) submitted a complaint against Mayumy Stevenson of Sunny Isles Beach, Florida for allegedly falsifying an email causing her firm to maintain inaccurate books and records.
Stevenson entered the securities industry in September 2012. On February 13, 2013, Stevenson’s employment was transferred to Raymond James & Associates (Raymond James) who had acquired her previous firm. Stevenson worked as a sales assistant and remained with the firm until her termination on October 8, 2014.
FINRA alleges that while Stevenson was associated with Raymond James, she falsified an internal email communication causing Raymond James’ books and records to be inaccurate. In September 2014, the Raymond James representative for which Stevenson worked instructed her to send an email to Raymond James’ Asset Management Services Department (AMS) with instructions to liquidate all securities in all accounts maintained by a customer. FINRA found that on the same day, Stevenson sent an email to AMS listing four accounts to be liquidated but, mistakenly committed one of the accounts from the email.
When Stevenson was subsequently questioned by the branch manager why one of the accounts had not been liquidated, Stevenson allegedly responded that she had sent an email to AMS with a list of all five accounts. FINRA further alleged that Stevenson then proceeded to falsify her previous email to AMS by adding the fifth account to email in order to make appear she had instructed AMS to liquidate all five accounts and forwarding it to the branch manager. Stevenson’s actions therefore caused Raymond James to maintain inaccurate books and records and were a violation of FINRA Rule 4511 and 2010.
In a settlement, Stevenson, without admitting or denying the FINRA findings, agreed to the sanctions and was suspended from association with any FINRA member in any capacity for six months.
Stockbrokers have been known to engage in many types of practices which violate industry and firm rules, practices, and procedures. In order to protect customers from stockbroker misconduct, FINRA rules require broker-dealers like Raymond James & Associates to not only establish and implement a reasonable supervisory system but enforce their rules, policies and procedures. 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 firms, such as Raymond James & Associates own policies and procedures. If broker dealers and/or their supervisors do not establish, implement and enforce these protective measures, they may be liable to investors for damages which flow from the misconduct. As a result, investors who have suffered losses because of their stockbroker’s unlawful or prohibited conduct can file a claim to recover damages against broker dealers like Raymond James & Associates, which should consistently oversee its employees in order to prevent stockbroker misconduct.
Have you suffered losses in your Raymond James & Associates 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, misrepresentations, and/or other unauthorized and prohibited conduct.
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 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.