Defendant Name:
Raymond James & Associates, Inc.
Defendant Type:
Subsidiary of Public Company
Public Company Parent:
Raymond James Financial, Inc.
SIC Code:
6221
CUSIP:
75473010
Document Reference:
33-10689
Document Details
Legal Case Name
In the Matter of Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and Raymond James Financial Services Advisors, Inc.
Document Name
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
Document Date
17-Sep-2019
Document Format
Administrative Proceeding
Allegation Type
Investment Advisers/Investment Companies
Document Summary
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."
Disgorgement & Penalty Information
Resolutions
Cease and Desist Order
Censured
Cooperation Before the Resolution
Remedial Acts or Efforts Before the Resolution
Self Reporting to SEC
Disgorgement Plan
Monetary Penalties:
Disgorgement
Individual:
Shared:
$11,098,349.01
Shared with: Raymond James Financial Services, Inc., Raymond James Financial Services Advisors, Inc.
Civil Penalty
Individual:
Shared:
$3,000,000.00
Shared with: Raymond James Financial Services, Inc., Raymond James Financial Services Advisors, Inc.
Pre-Judgment Interest
Individual:
Shared:
$1,072,764.80
Shared with: Raymond James Financial Services, Inc., Raymond James Financial Services Advisors, Inc.
Total Penalty
Individual:
Shared:
$15,171,113.81
Shared with: Raymond James Financial Services, Inc., Raymond James Financial Services Advisors, Inc.
Other Defendants in Action:
