Soreide Law Group, Securities Arbitration Law Firm (888) 760-6552, recently obtained this information from the FINRA website under “Disciplinary and Other FINRA Actions, March, 2013.”
Alan Richard Joyce (CRD #1683601, Registered Principal, Jacksonville, Florida)
was fined $7,500 and suspended from association with any FINRA member in any capacity for 60 business days. Without admitting or denying the findings, Joyce consented to the described sanctions and to the entry of findings that he recommended stock and mutual fund transactions in a customer’s account without having reasonable grounds for believing that such transactions were suitable in view of the customer’s account objectives and financial situation and needs. The findings stated that the customer won lottery proceeds in her home state. In connection with the opening of the customer’s account with Joyce’s member firm, an Index Advisory Service Agreement was executed that set forth the parties’ responsibilities as it pertained to the measuring index, which basically represented the desired asset allocation to be maintained in the account.
FINRA’s findings also stated that the Index Agreement required that Joyce, on the firm’s behalf, assist the customer in determining an initial measuring index, consult with the customer in making changes to the measuring index, and obtain final approval of the measuring index (as well as any recommended changes to the measuring index) from a third party assisting the customer in the handling of her lottery winnings. Over the course of a year, the account suffered losses of approximately $183,355.57, resulting in a balance of $48,720.64. With little remaining assets in the account, and distributions continuing at the same rate, the balance had further dwindled and a final distribution of $4,281.33 was sent to the customer. Joyce received $2,457.32 in total compensation for handling the account.
FINRA found that at various times, Joyce exercised discretionary power in the trust account established for the customer’s benefit, without the trustee’s written authorization to place discretionary trades and without his firm’s written acceptance of the account as discretionary.
The suspension is in effect from February 4, 2013, through April 30, 2013. (FINRA Case #2010024156301)
The following information is from FINRA’s BrokerCheck:
Alan Richard Joyce is currently employed by and registered with the following FINRA Firm(s):
RAYMOND JAMES & ASSOCIATES, INC.
245 RIVERSIDE AVENUE
JACKSONVILLE, FL 32202
Registered with this firm since: 10/3/2003
Alan Richard Joyce was previously registered with FINRA at the following brokerage firms:
DEUTSCHE BANK SECURITIES INC.
NEW YORK, NY
01/2001 – 10/2003
DB ALEX. BROWN LLC
12/1999 – 01/2001
PRUDENTIAL SECURITIES INCORPORATED
NEW YORK, NY
08/1998 – 09/1998
This ends the information from FINRA’s website.
If you have suffered financial losses due to your broker/dealer’s recommendations, call Soreide Law Group for a free consultation with an attorney: 888-760-6552.