The following information was obtained on FINRA’s website under “Disciplinary and Other FINRA Actions, June, 2013,” by Soreide Law Group, a Securities Arbitration Law Firm, (888) 760-6552.
Raymond James & Associates, Inc. (CRD #705, St. Petersburg, Florida)
was censured, fined $27,500 and required to revise its WSPs regarding compliance with NASD Rule 2440 and IM-2440. Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that in transactions, it sold (bought) corporate bonds to (from) customers and failed to sell (buy) such bonds at a price that was fair, taking into consideration all relevant circumstances, including market conditions with respect to each bond at the time of the transaction, the expense involved and that the firm was entitled to a profit.
FINRA’s findings stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws, regulations and FINRA rules concerning compliance with NASD Rule 2440 and IM-2440.
Also, FINRA’s findings stated that in transactions in TRACE-eligible securities for or with a customer, the firm failed to use reasonable diligence to ascertain the best inter-dealer market, and failed to buy or sell in such market so that the resultant prices to its customers were as favorable as possible under prevailing market conditions.
(FINRA Case #2009017412501)
This ends the information obtained from FINRA’s website.
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