Defendant Name: Raymond James Financial Services, Inc.

Defendant Type: Subsidiary of Public Company

Document Reference: id296bpm

Document Details

Legal Case Name In the Matter of Raymond James Financial Services, Inc., J. Stephen Putnam and David Lee Ullom
Document Name Initial Decision
Document Date 15-Sep-2005
Document Format Administrative Proceeding
File Number 3-11692
Administrative Law Judge Brenda P. Murray
Allegation Type Investment Advisers/Investment Companies
Document Summary 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."

Disgorgement & Penalty Information

Resolutions
The ALJ dismissed the allegation that Raymond James violated Section 17(a)(1) of the Securities Exchange Act of 1934 and Exchange Rule 17a-4. Further, the ALJ denied the Division’s request that Raymond James be ordered to cease and desist from violations of Sections 17(a) of the Securities Act of 1933 and Sections 10(b) and 17(a) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5 and 17a-4
Fair Funds
Monetary Penalties:

Disgorgement

Individual:     $5,866.25 Shared:    

Civil Penalty

Individual:     $6,900,000.00 Shared:    

Pre-Judgment Interest

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

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"
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