JAMES LYONS Cause Your Investment Losses? 

Soreide Law Group is reviewing possible claims on behalf of investors who lost money investing with Raymond James & Associates, Inc. (“Raymond James”) securities broker James Lyons (CRD#: 1020397, Shreveport, Louisiana), who FINRA barred on June 4, 2018. Notably, the Financial industry Regulatory Authority (“FINRA”) shows that at least seven clients filed disputes about Lyons. According to the clients’ claims, Lyons caused investor losses by selling unsuitable investments, churning accounts, and making fraudulent misrepresentations and omissions. Here’s a summary of the disputes:

September 5, 2018 Complaint Suggesting Lyons Sold Unsuitable Investments

 

The most recent complaint comes from a Raymond James client who filed a complaint on September 5, 2018. Namely, Lyons allegedly made imprudent and unsuitable trades in the Raymond James client’s account. Apparently, this caused the client to have an over-concentration in investments including DPP and LP interests, unit investment trusts and stocks through September 2018. Eventually, Raymond James agreed to settle the matter on February 21, 2019 by compensating the client to the tune of $677,000.

Raymond James Client Arbitration Claim Suggests Lyons Made Fraudulent Misrepresentations

Multiple Raymond James clients collectively brought FINRA Arbitration #17-02973 on November 9, 2017. First, the clients state that Lyons violated federal securities laws, state securities laws and FINRA Rules between 2001 and 2017. Lyons allegedly violated the terms of investment agreements under which Raymond James and the clients were parties. Also, the clients indicated that Lyons made potentially fraudulent misrepresentations about their investments in DPP and LP interests, mutual funds or equities. Not only that, but the clients alleged that Lyons fraudulently concealed important investment information. The Statement of Claim additionally references allegations against Lyons of unauthorized trading and suitability. Eventually, Raymond James agreed on January 23, 2019 to pay the clients $269,000 to settle the matter.

Morgan Keegan, Raymond James Client Files Lawsuit Over Lyons’s Churning

 

A civil lawsuit was filed by a client of both Raymond James and Morgan Keegan on April 29, 2016. Supposedly, Lyons failed to comply with his fiduciary duties and made trades which did not reflect the client’s best interests. Secondly, Lyons allegedly churned the client’s account, trading primarily to generate compensation (e.g. commissions) without considering the client’s investment goals. Thirdly, the client claimed that Lyons fraudulently omitted information relating to the client’s account. Fourth, Lyons allegedly made unsuitable and unauthorized trades involving direct investments, stocks, OTC equities and mutual funds. Finally, the client suggested that Lyons violated Louisiana securities laws. Eventually, a $400,000 settlement was reached. Notably, Lyons personally contributed to the settlement.

FINRA Bars Lyons For Not Complying With Investigation

 

Evidently, FINRA barred Lyons from the securities industry for violating FINRA Rule 8210 and FINRA Rule 2010 by failing to give sworn testimony to FINRA staff in its 2018 investigation. Lyons evidently submitted a Letter of Acceptance, Waiver and Consent (“AWC”) #: 2017054358101 on May 23, 2018 which FINRA accepted June 4, 2018. Although FINRA did not state the basis of its investigation, FINRA did make reference to Raymond James’ May 22, 2017 termination of Lyons for allegedly making unauthorized trades. FINRA says it asked Lyons to testify. However, Lyons refused.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Experienced losses by investing with James Lyons? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.