FINRA Opens Investigation Into Securities Broker Sherry Baker (Raymond James) Regarding Suitability

The Financial Industry Regulatory Authority (FINRA) reports new information concerning securities broker Sherry Lynn Baker (CRD#: 1249220, Salem, Illinois). Evidently, FINRA, who is responsible for overseeing and investigating securities brokers, launched an investigation into Baker. FINRA’s investigation concerns Sherry Baker’s potential unsuitable recommendations as a securities broker or financial advisor representative at Raymond James Financial Services or Benjamin F. Edwards Company. Also, Raymond James discharged Baker for alleged misconduct. Here’s more about those disclosures.

FINRA Investigates Sherry Baker For Possible Unsuitable Recommendations

BrokerCheck shows that FINRA issued a Wells Notice to Baker in February 2021 regarding its investigation. Notably, FINRA made a “preliminary determination” to take disciplinary action against Baker for potentially violating FINRA’s rules on suitability. Generally, suitability concerns important information about an investor, such as their risk tolerance, investment objectives, and goals. FINRA says that Baker possibly recommended unsuitable short-term trades of unit investment trusts.

It is not clear whether FINRA’s investigation concerns Sherry Baker’s actions at Raymond James Financial Services, where Baker worked as both a securities broker and financial advisor through November of 2018, or Benjamin F. Edwards Company, which Baker joined in November 2018 in those capacities. However, Raymond James moved on from Baker because of concerns about her UIT activities.

The investigation into Sherry Baker has not led to disciplinary action at this time.

Raymond James Financial Services Discharges Baker

It appears that Raymond James Financial Services discharged Sherry Baker as a securities broker in November 2018. Notably, the securities firm alleges that Baker engaged in problematic UIT activities. It terminated Baker as a securities broker over their concerns about her actions.

Losses Through Sherry Baker?

Did you suffer losses because of securities broker Sherry Baker (AKA Sherry Lynn Obrecht)? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Baker denies all allegations of her sales practice violations.Lars Soreide AVVO 2020 Top Lawyer