Raymond James Financial Incorporated
Founded in St. Petersburg, Florida, in 1962, Raymond James Financial, Inc. (NYSE: RJF) is one of the largest multinational independent investment banks and financial services companies in the United States. With approximately 8,500 financial advisors, the firm services individuals, corporations, institutions, and municipalities. As of September 30, 2021, Raymond James had about $1.18 trillion in assets under management.
Its US-based investment firms include Raymond James Financial Services, Raymond James and Associates, and Raymond James Financial Services Advisors. Its asset management firms include Eagle Asset Management, Ballast Point Ventures, LP, Carillion Tower Advisors, and Raymond James Trust, NA.
Over the years, our brokerage firm negligence lawyers at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) have gone up against Raymond James in Financial Industry Regulatory Authority (FINRA) arbitration, mediation, and litigation on behalf of investors.
If you are a Raymond James customer who suffered losses and would like to explore your legal options, call SSEK Law Firm at (800) 259-9010 today.
Raymond James advisors can choose to affiliate with the firm in four different ways:
- Raymond James & Associates (RJA) model: The broker is an employee in a traditional branch setting under the supervision of a manager.
- Raymond James Advisor Select (RJAS): This business model allows the financial advisor to use the firm’s administrative resources while making their own decisions regarding where to work, staffing, and daily operations. Compensation is based on the net profitability of the independent employee’s office. There is a higher gross payout than when working under the traditional employee model.
- Raymond James Financial Services (RJFS) model: These independent contractors have full control of running their businesses. They are affiliated with Raymond James and pay for certain services as needed.
- Independent Advisors Division (IAD): These are registered independent investment advisors who rely on Raymond James for clearing services and other resources.
Raymond James has a duty to supervise its registered brokers and investment advisors. Broker-dealers may be held liable for their financial advisors’ misconduct or negligence if investor losses result.
FINRA ordered Raymond James Financial Services, Raymond James and Associates, and Merrill Lynch, Pierce, Fenner & Smith to pay over $12M in customer restitution for alleged supervisory failures related to 529 Plan Share class recommendations. The clients purportedly incurred excess fees on investments they made in 529 savings plans.
The US Securities and Exchange Commission (SEC) arrived at a settlement with Raymond James Financial, Raymond James & Associates, and Raymond James Financial Services Advisors. The three RJF entities agreed to pay $15M.
The financial firms were accused of improperly charging advisory fees on inactive retail client accounts and charging excessive commissions for brokerage customer investments involving certain unit investment trusts (UITs).
FINRA fined Raymond James Financial Services $2M for purportedly not maintaining a reasonably enough designed supervisory system or procedures for reviewing email communications.
The self-regulatory organization (SRO) said that this caused millions of emails to fail to undergo “meaningful review” and created the “unreasonable” risk that certain misconduct by Raymond James personnel might go undetected.
FINRA fined Raymond James $17M for anti-money laundering (AML) compliance failures. The firm’s ex-AML compliance officer, Linda Busby, was suspended for three months.
Our Northstar Financial Services (Bermuda) investment attorneys represent investors, including foreign nationals, against Raymond James over losses they sustained in this offshore entity. Recent FINRA arbitration claims we’ve brought against this broker-dealer include:
- On behalf of three former United Nations employees, a six-figure Northstar Financial Services (Bermuda) claim was made against Raymond James Financial Services and Copper Financial. The claimants had traditional bank accounts with the United Nations Federal Credit Union (UNFCU).
- This Northstar (Bermuda) investor also worked with Raymond James through the UNFCU. Reporting a six-figure loss, this claimant from the Caribbean accused ex-Raymond James broker Frank Lucien Van Houten of making unsuitable product recommendations.
- This Maine resident, also formerly a UN employee, said that ex-Raymond James advisor Sarah Komischke, also known as Xiao Qin Komischke, recommended that they invest $250K in Northstar (Bermuda). This investor, a foreign national, is requesting up to $500K in damages.
To schedule your free, no-obligation case consultation with SSEK Law Firm, contact us online or call (800) 259-9010 today. Our experienced securities lawyers have helped thousands of investors recoup their financial losses.