Raymond James & Associates, Inc– Failure to Establish and Maintain an Adequate Supervisory System
Raymond James & Associates, Inc Allegedly Disadvantaged Retirement Plan and Charitable Organization Customers Whom Were Qualified to Purchase Class A Shares in Certain Mutual Funds
Raymond James & Associates, Inc allegedly disadvantaged certain retirement plan and charitable organization customers that were eligible to purchase Class A shares in certain mutual funds without a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses, according to recent FINRA Letter of Acceptance, Waiver and Consent (AWC).
From at least July 1,2009 through December 31, 2014 Raymond James allegedly failed to establish and maintain an adequate supervisory system and procedures properly constructed to ensure that Eligible Customers who purchased mutual fund shares received the help of applicable sales charge waivers, according to said AWC.
Raymond James & Associates, Inc Has Been Censured and Must Reportedly Pay Restitution in the Sum of $4,489,553
Raymond James, from at least July 1, 2009 through December 31, 2014, allegedly failed to establish and maintain written procedures to identify applicable fund sales charge waivers in fund prospectuses for Eligible Customers, and also allegedly failed to adequately notify and train its financial advisors regarding the availability of mutual fund sales charge waivers for Eligible Customers, according to the AWC.
As a result of the aforementioned behavior, Raymond James allegedly violated NASD and FINRA Rules. Consequently, Raymond James has been censured and ordered to pay restitution to customers to the tune of $4,489,553.70, the AWC also notes.
The Peiffer Wolf Carr & Kane Investor Rights Lawyers Often Assist Investors
The Peiffer Wolf Carr & Kane investor rights lawyers are assisting investors who lose money as a result of inadequate supervisory systems. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of inadequate supervisory systems are encouraged to contact the securities lawyers at Peiffer Wolf Carr & Kane, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at (585) 310-5140.