Recently, the Certified Financial Planner Board of Standards (CFP) imposed a suspension of Michael Breton’s CFP certification. The Securities and Exchange Commission (SEC) also barred him from association with any broker, dealer, investment adviser, municipal securities dealer, municipal advisor, transfer agent or nationally recognized statistical rating organization. The SEC alleged that Mr. Breton placed over $100 million in securities trades through his firm, Raymond James, but did not designate whether those trades would be allocated to client accounts or his accounts. The SEC alleged that Mr. Breton “cherry-picked” the profitable trades for his accounts and the non-profitable ones for the clients, misleading them and breaching fiduciary duty. He allegedly made more than $1.3 million in trades that he did not allocate to client accounts. These are all against securities laws.
Mr. Breton was registered with Raymond James Financial Services in St. Petersburg, Florida from September 1999 until June 2000. He has one civil charge against him and one criminal pending charge, according to his online Financial Industry Regulatory Authority (FINRA) BrokerCheck report. He has been barred from the industry. Raymond James may be held liable for financial losses because the firm had a duty to reasonably supervise Mr. Breton while he was registered there. We are securities attorneys who may be able to help you bring a claim against Raymond James on a contingency fee basis in order to recover your losses. 312-332-4200. Please call today.
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