Public records published by the Financial Industry Regulatory Authority (FINRA) state that former Memphis, Tennesee-based Raymond James broker David Hydrick allegedly committed fraud, breached contract, converted funds, executed unauthorized trades, misappropriated funds, and breached the standards of commercial honor and principles of trade. He also allegedly engaged in unspecified sales practice violations, and recommended unsuitable exchange-traded funds while employed at Morgan Keegan. These are all against securities laws and internal firm rules. A brokerage firm must reasonably supervise all of its employees to make sure that they do not violate securities laws. If it does not, it may be liable for losses on a contingency fee basis.
David Hydrick was previously employed with Morgan Keegan in Memphis, Tennessee from March 1997 until April 2012, Morgan Keegan in Memphis from April 2012 until March 2013, and Raymond James in Memphis from April 2012 until December 2017. He has three customer disputes against him, one of which is currently pending. He is not currently registered as a broker, according to his online, public profile with FINRA’s BrokerCheck.
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