Gary Dodds Fined

GARY BRIAN DODDS (Gary Dodds CRD#: 840109) a former stock broker with Raymond James Financial Services of Bend, Oregon, was issued $220,000 in civil penalties by the Oregon Division of Financial Regulation, and Raymond James Financial Services, Inc. agreed to pay $123,279 in restitution to the victims of the alleged excessive trading practices of Gary Dodds.  According to the court documents, Gary Dodds allegedly churned several of his clients’ accounts from 2016 to 2018.
According to a recent article in AdvisorNews, the investigation showed that Gary Dodds allegedly made unsuitable recommendations and sales of securities for his clients and failed to maintain proper documentation of his trading activities. The Oregon Division of Financial Regulation also learned that Raymond James Financial Services was allegedly aware of Dodds’ actions, but did not take adequate corrective steps, according to the article.
AdvisorNews stated that the Oregon Division of Financial Regulation issued a cease-and-desist order, and assessed civil penalties of $100,000 against Gary Dodds. As part of this order, Dodds agreed to not apply for any financial services license or registration in Oregon for five years. A civil penalty of $120,000 was also assessed against Raymond James Financial Services, and they have agreed to provide restitution to five Bend seniors for $123,379.
The court documents stated that Gary Dodds allegedly executed 103 trades for his 92-year-old client, and earned more than $35,000 in commissions. He allegedly executed dozens of other trades in the accounts of four other clients elderly clients, ages 72, 87, 89 and 89. The court documents, according to the AdvisorNews, claim that Dodds allegedly invested for growth and high commissions rather than for income for these older clients. Investment firms have a duty to supervise their representatives.
According to FINRA’s BrokerCheck, Gary Dodds is not currently registered in the securities industry. He had 41 years of experience with 7 firms. Dodds had one customer dispute in 2013 alleging, “Claimant alleges unsuitable investments were made beginning in 1996.”  This dispute settlement amount was $385,000.00.
Gary Dodds was most recently listed with:
10/20/2011 - 04/08/2019  RAYMOND JAMES FINANCIAL SERVICES, INC. - BEND, OR
If you or an elderly family member have experienced financial losses due to the actions or recommendations of the broker Gary Dodds, formerly with Raymond James Financial Services of Bend, Oregon, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group works on a contingency fee basis and represent clients nationwide before FINRA.