Raymond James Financial Services Tag Archives

SEC Files Fraud Charges Against Barred Broker Michael Shillin Who Is Named In 37 Disputes

Published on: October 11, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Former Wisconsin Financial Advisor is Accused of Defrauding at Least 100 Advisory Clients

Michael Francis Shillin, who was barred by the Financial Industry Regulatory Authority (FINRA) and Wisconsin’s Officer of the Commissioner of Insurance (OCI) in January 2021, is now facing Securities and Exchange Commission (SEC) charges.

The regulator is accusing the previously registered broker and investment advisor of defrauding at least 100 investment advisory clients, including many elderly investors. The SEC brought its case in September 2021.

Customer of Ex-Raymond James Broker Alberto Valdes Claims Northstar Global Advantage Select Losses

Published on: October 1, 2021 | by Shepherd Smith Edwards & Kantas, LLP

Miami Financial Advisor Accused of Making Unsuitable Recommendation in Northstar Global Advantage Select Products

A customer of ex-Raymond James Financial Services stockbroker Alberto Valdes has filed a six-figure FINRA claim seeking damages for investment losses sustained in Northstar Financial Services (Bermuda), an off-shore entity that is now in liquidation.

Valdes, who is currently a Citigroup registered representative, was with Raymond James as both a broker and investment advisor from 2016 to 2018.

Raymond James To Pay $15M for Improper Advisory Fees and Commission Charges

Published on: October 3, 2019 | by Shepherd Smith Edwards & Kantas, LLP

Three Raymond James entities — Raymond James & Associates, Inc., Raymond James Financial Services Advisors, Inc., and Raymond James Financial Services, Inc. (RJF) — have agreed to pay $15M to settle US Securities and Exchange Commission (SEC) charges accusing the brokerage firm of charging excess commissions to customers that invested in certain united investment trusts (UITs) and, also, of improperly charging advisory fees to retail client accounts that were no longer active. As part of the settlement, the Raymond James entities will issue distributions to investors who were affected.

According to the SEC’s cease-and-desist order, from at least 1/2013 through 5/2018, Raymond James & Associates and Raymond James Financial Services Advisors:

Didn’t not perform suitability reviews as promised.

SSEK Investigates Stockbroker Eddie Lyons of Raymond James & Associates

Published on: September 30, 2019 | by Shepherd Smith Edwards & Kantas, LLP

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.