Articles Tagged with Raymond James

Ex-Mesa, Arizona Financial Advisor Has Been Named in Multiple Customer Disputes

Ex-Raymond James broker, Guilford Ward Nergard, is facing at least one still pending customer dispute in which the claimant is alleging unauthorized trading.

This is not the only time that Nergard has been accused of broker misconduct. He was suspended by the Arizona Corporation Commission Securities Department from April through June 2021 over allegations that he made discretionary trades with customers without the required authorizations. 

Family Trust to Receive Compensatory Damages From Broker-Dealer 

In its Financial Industry Regulatory Authority (FINRA) arbitration claim against Raymond James & Associates and former broker Paul Anthony Steffany, the Angelina J. Cuccaro Family Trusted was awarded $320K in compensatory damages. 

The claimant contends that it was the victim of broker negligence and the firm’s failure to supervise.  The former Connecticut broker was barred by the self-regulatory organization (SRO) in 2015.  

Barred Stockbroker Faces Criminal and SEC Charges for Senior Investor Fraud 

Frederick Stow (CRD#: 864436), a former Raymond James broker based out of Tennessee, is now the subject of criminal charges accusing him of securities fraud, identity theft, and wire fraud for allegedly stealing $943,500 from the IRAs and other accounts of two senior investors between 2015 and 2019. 

The broker-dealer fired him last year and the Financial Industry Regulatory Authority (FINRA) barred him in January. The US Securities and Exchange Commission (SEC) recently filed a parallel civil lawsuit against Stow.

Ex-Raymond James Broker Named In $500K UIT Investment Fraud Claim 

Our stockbroker fraud lawyers are investigating claims involving Ameriprise (AMP) and former Raymond James broker, E. Kyle Davis. Contact Shepherd Smith Edwards and Kantas (SSEK Law Firm) today if you believe that you may have fallen victim to investment fraud. 

Davis, who has worked over two decades in the securities industry, has been named in six disclosures including four customer disputes. Still pending is one customer claim seeking $500K in damages involving a unit investment trust (UIT) while Davis was a Raymond James Financial stockbroker. The customer is making a number of allegations, including the following: 

SSEK Investigating Ex-Raymond James Advisor, Stuart Nichols 

Another former Raymond James advisor has gotten into trouble over fraud allegations. The Financial Industry Regulatory Authority (FINRA) recently barred Stuart Nichols, a former broker with the firm, after he failed to participate in the self-regulatory authority’s probe into churning allegations made against him. 

Churning involves engaging in excessive trading in a brokerage account for the purposes of making commissions. 

Former Raymond James (RJF) broker John Charles Wyshak is under scrutiny by our investor lawyers at SSEK Law Firm. If you are someone who previously worked with Wyshak as your financial representative while he was registered with Raymond James or any other broker-dealer, and you suffered substantial losses, your first consultation with us is a free, no obligation case assessment.

After over thirty years in the securities industry, Wyshak is no longer a registered broker or investment adviser. Recently, a Financial Industry Regulatory Authority (FINRA) arbitration panel ruled against Wyshak and in favor of Raymond James, ordering him to pay the firm nearly $1M for previous investor fraud claims involving his allegedly fraudulent actions and for breaching an agreement with the broker-dealer.

Wyshak left Raymond James last year. Now, the FINRA arbitrators want him to pay the firm more than $932K in compensatory damages, in addition to 10% interest and thousands of dollars in other fees.

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 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. 

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