Soreide Law Group, (888) 760-6552, obtained the following summation of information on FINRA’s website under “Disciplinary and Other FINRA Actions, November, 2013.”
Raymond James & Associates, Inc. (CRD #705, St. Petersburg, Florida)
was censured, fined $15,000 and required to revise its WSPs (Written Supervisory Procedures). Without admitting or denying the findings, the firm consented to the described sanctions and to the entry of findings that it disclosed incorrect execution capacities on confirms concerning orders, incorrectly disclosed it was a registered market maker in connection with transactions on confirms concerning orders, failed to disclose that it was a registered market maker with respect to transactions on confirms concerning orders and failed to disclose on confirms for orders that the transaction was executed at an average price.
FINRA's findings stated that with respect to orders, the firm accepted orders from customers that were executed in whole or in part in the pre-market session or post-market session without disclosing to such customers that extended hours trading involves material trading risks, including the possibility of lower liquidity, high volatility, changing prices, unlinked markets, an exaggerated effect from news announcements, wider spreads and any other relevant risk.
FINRA stated that the firm’s supervisory system did not provide for supervision reasonably designed to achieve compliance with applicable securities laws and regulations, and/or FINRA rules. These findings also stated that the firm’s WSPs failed to provide for minimum requirements for adequate WSPs in registration and qualification, trade reporting, sales transactions, firm quote compliance, review of clearly erroneous transactions under FINRA rules, and OATS.
(FINRA Case #2010021597701)
This ends the information from FINRA's website.
Ft. Lauderdale-based, Soreide Law Group represents clients nationwide in arbitrations before FINRA. For a free consultation on how to potentially recover your investment losses call: 888-760-6552.
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