Raymond James Financial Services, Inc.– Failure to Establish and Maintain an Adequate Supervisory System

investment fraud attorney ClevelandRaymond James Financial Services, Inc. Allegedly Imparted Disadvantages to Certain Retirement Plan and Charitable Organization Customers that Were Eligible to Purchase Class A Shares

Raymond James Financial Services, Inc., from at least July 1, 2009 through December 31, 2014, allegedly disadvantaged certain retirement plan and charitable organization clients that were eligible to purchase Class A shares in specified mutual funds, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC).

Said clients were also, according to the AWC, eligible without a front-end sales charge but were instead sold Class A shares with a front-end sales charge or Class B or C shares with back-end sales charges and higher ongoing fees and expenses.

Raymond James Financial Services, Inc. Allegedly Failed to Establish and Maintain an Adequate Supervisory System, Has Been Censured and Ordered to Pay Restitution in the Sum of $4,209,583

Raymond James Financial Services, Inc., from at least July 1, 2009 through December 31, 2014, allegedly failed to establish and maintain a supervisory system and protocols adequately designed to ensure that Eligible Customers who purchased mutual fund shares received the help of applicable sales charge waivers, according to the AWC.

As a result of the aforementioned behavior, the AWC notes, Raymond James Financial Services, Inc. purportedly violated NASD and FINRA Rules. Raymond James neither denied nor admitted FINRA’s allegations.

Therefore, Raymond James Financial Services, Inc. has been censured by FINRA, and order to pay restitution to customers in the sum of $4,209,583, according to the AWC.

The Peiffer Rosca Wolf Investor Rights Lawyers Often Assist Investors

The Peiffer Rosca Wolf 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 Rosca Wolf, Alan Rosca or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 888-998-0520.

Alan Rosca (1174 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.