Defendant Name: Raymond James Financial Services, Inc.

Defendant Type: Subsidiary of Public Company
Public Company Parent: Raymond James Financial, Inc.
SIC Code: 6211
CUSIP: 75473010

Initial Case Details

Legal Case Name In the Matter of Raymond James Financial Services, Inc., J. Stephen Putnam and David Lee Ullom
First Document Date 30-Sep-2004
Initial Filing Format Administrative Action
File Number 3-11692
Allegation Type Investment Advisers/Investment Companies

Violations Alleged

Exchange Act
• Sec 10(b) + Rule 10b-5
Securities Act
• Sec 17(a) (Not specified)
Other
• Section 15(b) Exchange Act; Section 203(f) Advisers Act

Resolutions

First Resolution Date 15-Sep-2005
Headline Total Penalty and Disgorgement $6,905,866

Related Documents:

33-8499-o 30-Sep-2004 Administrative Proceeding
Order Instituting Public Administrative and Cease-And-Desist Proceedings and Notice of Hearing Pursuant to Section 8A of the Securities Act of 1933, Sections 15(b) and 21C of the Securities Exchange Act of 1934, and Section 203(f) of the Investment Advisers Act of 1940
The Commission stated: "In connection with a fraudulent scheme, Herula, a Raymond James registered representative, and several other individuals worked together to solicit investors to deposit approximately $44.5 million in an account at Raymond James held in the name of Brite Business during the period from November 1999 through March 2000 . . . Of the approximately $44.5 million that was deposited in the Brite Business account at Raymond James, approximately $15.5 million was dissipated and never returned to investors"
id296bpm 15-Sep-2005 ALJ Initial Decision
Initial Decision
The ALJ stated: "Raymond James . . . failed to reasonably supervise Mr. Herula, a person subject to [its] supervision, with a view to preventing or detecting Mr. Herula's violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5 . . . I find Raymond James liable for Mr. Herula's violations of Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act and Rule 10b-5. . . . I find that Raymond James did not willfully violate Section 17(a) of the Exchange Act and Rule 17a-4 during the relevant period."
33-8636 21-Nov-2005 ALJ Order
Notice That Initial Decision Has Become Final
The Commission stated: "[N]otice is hereby given . . . that the initial decision of the administrative law judge has become the final decision of the Commission with respect to Raymond James Financial Services, Inc."
34-60700 21-Sep-2009 Administrative Proceeding
Order Discharging Plan Administrator and Terminating Fair Fund
The SEC ordered that: "[T]he Fair Fund is terminated . . . [and] that the Plan Administrator is discharged."

Other Defendants in Action:

J. Stephen Putnam
David Lee Ullom