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FINRA Fines Raymond James Financial Services, Inc. $2 Million for Failing to Reasonably Supervise Email Communications

The Financial Industry Regulatory Authority (FINRA) announced today that it has fined Raymond James Financial Services, Inc. $2 million for failing to maintain reasonably designed supervisory systems and procedures for reviewing email communications. In addition, Raymond James has agreed to conduct a risk-based retrospective review to detect potential violations evidenced in past emails. FINRA found […]

Raymond James Settles ARS Case and Agrees to $300 million Buyback

As part of a settlement with eight states and the Securities and Exchange Commission, Raymond James Financial Inc. will buy back $300 million in auction-rate securities from clients and pay a fine of $1.7 million. The states in charge of the settlement are Florida and Texas. Other states involved were Indiana, Missouri, New York, North […]

Raymond James Loses $2.5 Million FINRA Arbitration

A FINRA panel ordered Raymond James to pay $2.5 million to investors who alleged that Raymond James failed to divulge ‘risk of illiquidity’ in auction-rate securities market Raymond James Financial Inc., still carrying $600 million in auction rate securities. The firm is reportedly working to draw down its position in the ARS market, which seized […]

Raymond James ARS Investors at a Total Loss?

Investors with Raymond James Financial, who thus far have only received a four-page letter dated January 2, 2009 from Thomas James, chairman and chief executive officer, in which he says the company cannot repurchase the securities it sold because it doesn’t have enough capital on hand, are still holding out for answers from the St. […]