Defendant Name: Raymond James & Associates, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: 2019-178

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 Raymond James Agrees to Pay $15 Million for Improperly Charging Retail Investors
Document Date 17-Sep-2019
Document Format Administrative Proceeding
File Number 3-19464
Allegation Type Investment Advisers/Investment Companies
Document Summary 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)."

Disgorgement & Penalty Information

Resolutions
Censured
Disgorgement Plan
Monetary Penalties:

Disgorgement

Individual:     Shared:     $12,000,000.00
Shared with: Raymond James Financial Services, Inc., and Raymond James Financial Services Advisors, Inc.

Civil Penalty

Individual:     Shared:     $3,000,000.00
Shared with: Raymond James Financial Services, Inc., and Raymond James Financial Services Advisors, Inc.

Pre-Judgment Interest

(Penalty was noted in document, but no amount was listed)

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."