Raymond James & Associates, Inc. (CRD #705, St. Petersburg, Florida)
FINRA censured and fined Raymond James & Associates $22,500. FINRA's findings stated that allegedly Raymond James failed to execute customer limit orders in OTC (over-the-counter) securities after Raymond James traded each security for its own market-making account, and occasionally, failed to execute the order at a price that would have satisfied each customer’s limit order.
FINRA also stated that allegedly Raymond James & Associates failed to immediately publish a bid that reflected the price and the full size of customer limit orders for OTC equity securities the firm held that were at a price that would have improved the firm’s bid in these securities.
(FINRA Case #2011028038301)
This summation of information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, October, 2014.”
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