Florida's statute of limitations can apply not only to court proceedings, but to securities arbitration cases between investors and their brokers, the Florida Supreme Court ruled recently.
The ruling, in favor of Raymond James Financial Services Inc , could in Florida, empower securities arbitrators to cut the time investors have to file a complaint with FINRA, the Financial Industry Regulatory Authority from six years to four years or even two years.
A group of investors, who filed an arbitration against Raymond James in 2005, argued the law applies only to court cases, according to an opinion by Florida Supreme Court Justice Barbara Pariente. The Florida case stems from a Raymond James broker's alleged investments in high-risk equities on behalf of the investors between 1999 and 2005, according to the opinion. The broker allegedly did not diversify the risky investments, causing significant losses. The investors also alleged that Raymond James failed to adequately supervise the broker. Raymond James tried to dismiss the investors' case, arguing that they filed too late.
Brokerage customers typically agree to resolve their disputes in FINRA's arbitration forum when they sign agreements to open their accounts. Investor cases are typically eligible for FINRA arbitration if they are filed within six years from the event giving rise to the case, such as the sale of a stock.
Florida law has a four-year deadline to file a negligence case, and a two-year deadline to bring a claim under Florida's securities fraud law, according to the opinion.
Call Soreide Law Group, PLLC, a Securities Arbitration Law Firm, at (888) 760-6552 to speak to an attorney at no charge.
Steven Graham (CRD 1977736) denies the allegations in a pending customer claim filed on August 11, 2026. The disclosure names Western International Securities as the firm, and the claim involves corporate bonds. No arbitrator has ruled on it. His BrokerCheck report also lists a settled bond dispute and a federal court matter from earlier years.
A claim filed on September 11, 2024 names Thomas Hamlin (CRD 2208505) over a 10% Senior Unsecured Note in iCap Fund III. Every disclosure on his BrokerCheck report involves an iCap private placement and names Somerset Securities as the firm. Each one settled, and a settlement is not an admission of wrongdoing.
Peter Po's most recent settlement came on June 28, 2026, when a corporate bond claim settled for $40,000. Po (CRD 3106974) appears in several settled customer disputes over corporate and high-yield bonds. The disclosures name NI Advisors or California Securities as the firm, and each matter ended in a settlement, not a finding.
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