aymond James & Associates Subject Of Customers’ Fraud Allegations
Soreide Law Group is investigating claims on behalf of those who invested with Raymond James registered representatives including Jonathan Towne Melges, Philip Thomas Maurer, Mark David Kopkin, Eric Paul Frey and Clay Cale Rucker.
Raymond James & Associates, Inc. (CRD#: 705, Saint Petersburg, Florida) is a brokerage firm regulated by Financial Industry Regulatory Authority (“FINRA”) who has reported one hundred twenty-three regulatory events concerning the brokerage firm’s purported violations of investment-related regulations or rules. At least sixty-seven FINRA arbitration awards have been entered against the firm due to the firm being found liable for causing investor harm. In addition, Raymond James registered representatives, including Jonathan Towne Melges, Philip Thomas Maurer, Mark David Kopkin, Eric Paul Frey and Clay Cale Rucker, have disclosed customer-initiated, investment-related disputes in which the representatives or the firm have been alleged to have committed sales practice violations or other misconduct. Those customer complaints are summarized below.
February 2018 Arbitration Involving Raymond James’ Jonathan Towne Melges
Jonathan Towne Melges (CRD#: 4595003, Battle Creek, Michigan) has been a registered representative of Raymond James since May 25, 2012. Melges’ sales practices from 2015 to 2017 apparently resulted in a customer filing FINRA Arbitration #18-00528 on February 8, 2018. Notably, the customer indicated that Melges sold investments that were unsuitable. For instance, the customer contended that there was an unreasonable concentration of stock in the customer’s account. Next, the customer alleged that Melges’ or the firm’s actions violated Michigan Consumer Protection Act and Michigan Securities Act. Furthermore, the customer alleged the firm or Melges to be responsible for a breach of contract. For this reason, the customer requested $500,000.00 in damages. At this time, Melges denies the customer’s claims and the arbitration is unresolved.
August 31, 2017 Complaint Involving Philip Thomas Maurer
Philip Thomas Maurer (CRD#: 1571068, Newtown, Pennsylvania) has been a Raymond James registered representative since November 23, 2012. Maurer disclosed on his FINRA BrokerCheck Report that on August 31, 2017, a customer filed a complaint with Raymond James in regard to Maurer’s sales practices. Chiefly, the customer claimed that it was not suitable or appropriate for the customer to have been invested in direct investments, stocks and unit investment trusts. All things considered, Raymond James settled the customer’s allegations by providing the customer $20,000.00 in compensation.
October 19, 2018 FINRA Arbitration Concerning Mark David Kopkin
Mark David Kopkin (CRD#: 1311034, Atlanta, Georgia) is another broker who previously worked for Raymond James. He was employed between February 13, 2013 and May 23, 2017. Raymond James reported that Kopkin’s activities with the customer were referenced in a customer’s FINRA Arbitration #18-00992 dated October 19, 2018. Between February 9, 2011 and February 28, 2018, the customer stated, there was a breach of fiduciary duty and neglect by the broker with respect to the customers’ account. This comes after the customer’s claim of account mismanagement and other misconduct. Accordingly, the customer demanded $150,000.00 in damages. FINRA Arbitration #18-00992 is pending. Kopkin became a securities representative of Stifel Nicolaus & Company on May 4, 2017.
June 20, 2017 Arbitration Regarding Eric Paul Frey
Eric Paul Frey (CRD#: 2162956, Red Bluff, California) is a Raymond James broker whose activities were the subject of a customer dispute. Indeed, records show that Frey was named in a FINRA Arbitration #17-01623, filed on June 20, 2017. First, the customer alleged that Frey or the firm had breached a fiduciary duty to the customer. Second, the customer alleged that the firm or Frey engaged in fraudulent activities in the customer’s account.
Third, the customer contended that there were omissions and misrepresentations made in regard to the customer’s investments in limited partnerships and mutual funds. Finally, it was alleged that the customer’s account was not supervised. The claims against Frey and the firm concern transactions that took place between December 1, 2011 and January 30, 2016. By September 6, 2018, Raymond James reviewed the customer’s allegations and agreed to pay the customer $135,000.00 to resolve the matter. Records show that Frey has been a registered representative of Raymond James since December 15, 2000.
June 5, 2017 FINRA Arbitration Pertaining To Raymond James, Clay Cale Rucker
Clay Cale Rucker (CRD#: 1347169, Atlanta, Georgia) has been with Raymond James since July 7, 1997. Rucker indicated on FINRA BrokerCheck that his activities were referenced in a FINRA Arbitration #17-01453 dated June 5, 2017. In general, the Raymond James customer brought several causes of action against the firm or Rucker regarding activities in the customer’s managed accounts account between March 21, 2006 and September 30, 2016, including: self-dealing; unauthorized trading; churning; breach of fiduciary duty; material omissions; falsehoods; unsuitable structured products investments; breach of contract; fraud; violation of Georgia Securities Act; violation of Section 10(b) of the Securities Exchange Act; and violation of Rule 10b-5. For this reason, the customer requested $5,000,000.00 in damages. Yet, Rucker argued that the customer’s claim is meritless. There has been no resolution as of yet.
Have you experienced losses from Raymond James brokers Jonathan Towne Melges, Philip Thomas Maurer, Mark David Kopkin, Eric Paul Frey, Clay Cale Rucker or other registered representatives because of misrepresentations, unsuitable sales or other sales practice violations? If you have, contact Soreide Law Group at (888) 760-6552 and speak with an experienced attorney about the possibility of recovering your investment losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of investment losses.