Articles Tagged with Raymond James

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William McWilliams, a registered representative formerly employed with Raymond James Financial Services, Inc. (Raymond James), submitted a Letter of Acceptance, Waiver, and Consent (AWC) in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he exercised discretion at least 28 times in eight customer accounts without the necessary prior written authorization.

FINRA found that William Harrison McWilliams, of Columbia, Missouri, failed to obtain the necessary written authorization from his customers or his member firm when he exercised discretion in the accounts of eight customers.  According to FINRA, Mr. McWilliams exercised discretionary trading authority in response to customer liquidation requests six times in four customers’ accounts without the requisite prior written authorization from customers and without the accounts accepted as discretionary by his member firm.  Further, FINRA found that Mr. McWilliams exercised discretionary trading authority at least 22 times in four other customer accounts without discussing the trades with the customers on the day of the trades, which was required by the firm. Continue reading →

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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.  Continue reading →

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Gregory Barr., a Boca Raton, Florida based broker formerly employed with Deutsche Bank Securities, Inc. (Deutsche Bank) and Raymond James & Associates, Inc. (Raymond James), submitted a letter of Acceptance, Waiver, and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he entered discretionary trades in the accounts of four customers without the necessary prior written customer authorization.

FINRA found that while employed as a General Securities Representative with Deutsche Bank, Gregory Edward Barr exercised discretion in four of his customers’ accounts.  He placed sell orders for the customers in the same stock.  Although these customers had allegedly given Mr. Barr verbal authorization to sell their positions if the stock decreased in price, he allegedly failed to discuss the transactions with his customers on the day of the sell orders.  FINRA further alleged Deutsche Bank had not approved the customers’ accounts for discretionary trading.  Therefore, none of the accounts had been approved for the discretionary trades made by Mr. Barr.  Continue reading →

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Mark Bullivant of Fort Myers, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority for allegedly failing to provide information and an on-the-record testimony in connection to an ongoing FINRA investigation.

Bullivant entered the securities industry in 2001 when he became associated with a FINRA member firm. Between April 2012 and December 2013, Bullivant was associated with Raymond James and Associates, Inc. (Raymond James) as a General Securities Representative. Continue reading →

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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. Continue reading →

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Former Merrill Lynch and Raymond James stock broker, Sunil Sharma, plead guilty to wire fraud charges in Federal court last week. According to the U.S. Attorney Office (“USAO”), Mr. Sharma admitted that he stole $6 million from investors by misrepresenting that he was making conservative investments when he actually was pursuing a risky day trading strategy. Apparently, Mr. Sharma was not a successful day trader and eventually his so called conservative investment venture turned into a massive Ponzi scheme.

A “Ponzi scheme,” is an unsustainable fraud pyramid that inevitably ends in ruin. Schemers use money raised from latter investors to pay an earlier investor’s returns. Ponzi schemes invariably fall apart when markets deteriorate or when the schemer is unable to raise more cash. Continue reading →

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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. Continue reading →

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Richard Happle, a former registered representative with Tampa, Florida-based Raymond James & Associates, Inc. (Raymond James) submitted a Letter of Acceptance, Waiver and Consent in which he consented to, but did not admit to or deny, the Financial Industry Regulatory Authority’s (FINRA) findings that he failed to execute a customer trade order, thereby allegedly causing his customer to suffer approximately $28,000 in losses.

According to FINRA, Richard Happle, of St. Petersburg, Florida, was instructed by his customer to sell all shares of a certain stock held in his account at the market open the following day. The next day, Richard Happle allegedly decided not to sell the customer’s stock shares due to the fact that the stock price was falling rapidly and he wanted to talk over the decision to sell with his customer. The customer, however, lived in Alaska and Richard Happle delayed contacting him by a few hours due to the time zone difference. Continue reading →