Customers of Raymond James can sue the firm for investment losses sustained through activities like unsuitable investment recommendations, fraud, churning, conversion or theft and other related actions. A common claim against Raymond James made in FINRA arbitration actions deals with the firms supervision, or lack thereof, of the financial advisor who engaged in the wrongful conduct. In these cases, what the firm did, or didnt do, is absolutely crucial.
The Financial Industry Regulatory Authority (FINRA) announced yesterday that it fined Raymond James & Associates and Raymond James Financial Services, Inc. $17 million for widespread failures related to the firms’ anti-money laundering programs. Both firms were accused of failing to establish and implement adequate anti-money laundering procedures, which resulted in the firms’ failure to properly prevent or detect, investigate, and report suspicious activity for several years. Raymond James and Associates’ Compliance Officer, Linda L. Busby, was also fined $25,000 and suspended for three months.
Between 2006 and 2014, both companies’ growth was not matched by the growth in their compliance systems and processes. This was because they were forced to rely on written procedures and systems across different departments to detect suspicious activity. The end result was that certain “red flags” of potentially suspicious activity went undetected or inadequately investigated. Raymond James Financial Services Inc. was sanctioned in 2012 for inadequate anti-money laundering procedures, and as part of that program, had agreed to review its program and procedures, and certify that they were reasonably designed to achieve compliance.
Raymond James can be sued in the FINRA arbitration forum for its inability to implement and maintain proper anti-money laundering procedures, in order for investors to recover their money losses. We sue firms such as Raymond James on a contingency fee basis for investors who may have lost money. If you believe you have a claim against Raymond James, please call 312-332-4200 today. The call is free.
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