Raymond James Ordered to Pay Investor $600,000

Raymond James owes investor $600,000 says FINRA panel.

Judge holding gavel

In February, 2016, a three member FINRA arbitration panel sitting in Albany, NY issued a $600,000 binding arbitration award against brokerage house Raymond James and Associates.

The underlying matter involved allegations that  Raymond James and Associates mismanaged a customer account, breached their fiduciary duty, engaged in fraud, violated the federal securities alws, churned their clients account, made unsuitable investments, failed to supervise their reps, and violated the Florida Securities Laws.

After an arbitration hearing spread out over two years, the arbitration panel rendered their decision and awarded the customers over $600,000 in compensatory damages and interest.

As a result of this award The Law Office of David Liebrader has opened an investigation into Raymond James and Associates.

Raymond James and Associates’ broker check report lists 181 public disclosures, including 69 customer complaints.

FINRA Code of Arbitration Procedure section 12904 governs the issuance and payments of awards. Key provisions of the rule are that the award may be entered as a judgment in any court of competent jurisdiction, after a motion to confirm the award is filed pursuant to state or federal law. Furthermore, unless the applicable law directs otherwise, all awards rendered under the Code of Arbitration Procedure are final, and are not subject to review or appeal. Grounds for overturning binding FINRA arbitration awards are extremely limited.  Raymond James and Associates had thirty days to pay the award, or to seek to have the award vacated.

If you are the victim of investment fraud, or if you have lost money investing with Raymond James and Associates, please call The Law Office of David Liebrader at (702) 380-3131 for a free, confidential consultation to discuss your legal rights and options. Our firm takes cases on a straight contingency fee, with no money up front, and no money owed unless there is a recovery.

There is no charge for the initial consultation, so call (702) 380-3131 today to speak with an experienced securities attorney who will fight to recover your losses.

The Law Office of David Liebrader practices exclusively in the field of investment loss recovery. For the past 23 years, we have dedicated our law practice to assisting investors who have been victims of investment fraud via fraudulent and unsuitable investment transactions. During that time we have recovered money for over one thousand individuals, pension plans, trusts and companies. The recoveries we have obtained via judgments, awards and settlements on behalf of our clients exceed $40,000,000.