Raymond James agrees to pay $15 million to settle SEC investigation
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On April 20, 2022 GWG Holdings, Inc. (GWG) filed for bankruptcy in the U.S. Bankruptcy Court for the Southern District of Texas (case 22-90032). According to an article in the Wall Street Journal, published on the same day, the bankruptcy was due to “accounting issues...read more
As reported in InvestmentNews, three Raymond James entities have agreed to pay over $15 million to resolve an investigation by the SEC. The settlement and SEC order focused on Raymond James’s actions in improperly charging certain clients advisory fees when the clients had dormant accounts and advisory fees were therefore unsuitable. Further, the SEC determined that Raymond James was improperly recommending that its customers sell Unit Investment Trusts (UITs) before their maturity date and buy new UITs, which caused its customers to pay unnecessary commissions. To resolve the charges, Raymond James agreed to disgorge (return) around $12 million in advisory fees and excess UIT commissions, as well as pay a $3 million civil penalty.
If you are a client of Raymond James and suffered losses due to negligence or an unsuitable recommendation, feel free to contact our law firm – Epperson & Greenidge, P.A.. Through a narrow and specialized area of the law called FINRA arbitration, our firm has a proven track record of recovering customers’ losses due to the unlawful or negligent actions of their stockbrokers or financial advisors. Call us today at 877.445.9261 or send us an inquiry via our website.