Defendant Name: Raymond James & Associates, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Raymond James Financial, Inc.
SIC Code: 6221
CUSIP: 75473010

Initial Case Details

Legal Case Name In the Matter of Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and Raymond James Financial Services Advisors, Inc.
First Document Date 17-Sep-2019
Initial Filing Format Administrative Action
File Number 3-19464
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Securities Act
• Sec 17(a)(2)
• Sec 17(a)(3)
Other
• Sections 206(2), 206(4) Advisers Act; Rule 206(4)-7 Advisers Act

Resolutions

First Resolution Date 17-Sep-2019
Headline Total Penalty and Disgorgement $15,171,114

Related Documents:

33-10689 17-Sep-2019 Administrative Proceeding
Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Section 15(b) of the Securities Exchange Act of 1934, and Sections 203(e) and 203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order
On September 17, 2019, the SEC instituted settled administrative and cease and desist proceedings against against Raymond James & Associates, Inc. ("RJA"), Raymond James Financial Services, Inc. ("RJFS"), and Raymond James Financial Services Advisors, Inc. ("RJFSA" and collectively "Raymond James" or "Respondents"). The SEC stated: "RJA and RJFSA (collectively "RJ Advisers") failed to conduct promised suitability reviews for certain advisory accounts, did not adopt policies and procedures reasonably designed to prevent violations concerning the suitability of fee-based advisory accounts, and overvalued certain assets that resulted in charging excess advisory fees; and RJA and RJFS (collectively "RJ Brokers") failed to have a reasonable basis for recommending certain unit investment trust ("UIT") transactions to brokerage customers, and failed to disclose the conflict of interest associated with earning greater compensation when recommending certain securities without providing applicable sales-load discounts to brokerage customers."
2019-178 17-Sep-2019 Press Release--Administrative Proceeding
Raymond James Agrees to Pay $15 Million for Improperly Charging Retail Investors
The SEC stated: "The Securities and Exchange Commission today instituted a settled order against three Raymond James entities for improperly charging advisory fees on inactive retail client accounts and charging excess commissions for brokerage customer investments in certain unit investment trusts (UITs)."

Other Defendants in Action:

Raymond James Financial Services, Inc.
Raymond James Financial Services Advisors, Inc.