Eddie Lyons Investigated Over Unauthorized Trading

SSEK Investigates Eddie Lyons Of Raymond James & Associates

Shepherd, Smith, Edwards & Kantas (“SSEK”), a law firm specializing in representing wronged investors, is looking into allegations against Eddie Lyons as noted by FINRA. Lyons was a financial advisor registered with Raymond James & Associates, Inc. He was terminated, in part, due to allegations by his clients that he engaged in unauthorized trading of accounts.

FINRA then initiated an investigation in November 2017. The inquiry was based on several complaints from customers. The allegations ran the gambit of bad acts. These include, but may not be limited to, unauthorized trading.

Other concerns were alleged unsuitable recommendations in various products such as Master Limited Partnerships (“MLPs”) involving the fossil fuel industry. Allegedly Lyons misinformed his clients, or some of them, that MLPs were safe investments and could be viewed as an alternative to bonds. Most experts would agree. Allegedly the pitfalls of MLP investing were also downplayed.

At some point in time during the FINRA investigation, an on-the-record interview was requested by FINRA. Lyons declined to attend, after which he was barred by FINRA which means he can no longer function as a registered representative for a FINRA firm.

The Complaints And Disclosures Against Eddie Lyons

According to Lyons’ CRD or official record, he has 10 disclosures or complaints which include:

Claimant alleged unsuitable investments and overconcentration. Customer sought $1,279,479.47 and the dispute was settled for $677,000 (September 2019).
“Violations of FINRA rules, unauthorized trading, suitability, overconcentration, mismarking trades, self-dealing, failure to disclose risk, breach of contract, fraudulent representation, concealing costs, and conflicts of interest.” This case is currently still pending (June 2019).
The claimant alleged breach of duties, churning, fraudulent omissions, federal securities law violations, Louisiana securities law violations, unauthorized trading and suitability. Customer sought $1.2 million and the dispute was settled for $400,000 (April 2016).
Claimant alleged misrepresentation, unsuitability and unauthorized trading. The legal dispute was settled for $152,000 (October 2011).

SSEK has experience in representing customers of financial advisors who either stole their money or stole the money of other clients. SSEK’s experience shows that before a financial advisor begins stealing money, he or she often does other things that are wrong for clients.

These can include actions such as unsuitable investments, churning, unauthorized trading or other broker misconduct. Even after theft is uncovered, those other wrongs often go unnoticed and are never addressed without a customer hiring a law firm like SSEK.

Have You Been Affected By Broker Misconduct?

If you were a victim of securities fraud or negligence, it is not your fault. The experienced attorneys at SSEK are experts at FINRA arbitrations and dealing with financial advisors who have fallen under SEC scrutiny.

For the last 30 years, SSEK has filed thousands of FINRA claims on behalf of consumers wronged by unscrupulous brokers and brokerage firms. If you were a client of Eddie Lyons or suspect any sort of wrongdoing from your investment advisor, contact our office for a free, no-obligation consultation of your situation.