Our Blog

NASD Fines Raymond James Financial Services, Inc. $2.75 Million

  • Image
  • 0

NASD Fines Raymond James Financial Services, Inc. $2.75 Million for Lax Supervision of Producing Branch Managers

Washington, D.C. announced today that it has fined Raymond James Financial Services, Inc. (RJFS) of St. Petersburg, FL, $2.75 million for failing to maintain an adequate supervisory system to oversee the sales activities of over 1,000 producing branch managers working in offices throughout the United States.

In a related action, NASD permanently barred one of those branch managers – Donna Vogt, who worked for the firm from her home office in Cambellsport, WI. Vogt recommended unsuitable mutual fund and variable annuity purchases to elderly or retirement age customers, and made misleading statements to customers in correspondence.

[Vogt] maintained hundreds of customer accounts and sold mainly mutual funds and variable annuities. Many of her customers were of retirement age or older. NASD found that, in determining which products to recommend, Vogt treated her customers as a homogeneous group, regardless of age, financial status, investment experience and objectives. Of her approximately 700 accounts, more than 90 percent listed their primary investment objective as “growth” and risk tolerance as “medium.” RJFS never questioned the fact that Vogt listed these objectives and strategies for almost all of her customers.

TAKE THE NEXT STEP

When we take action against stockbroker misconduct, we help level the playing field for all brokers.

If you aware of stock broker misconduct that is not being addressed, contact us:

Fogel & Associates
15260 Ventura Blvd.
Suite 2250
Sherman Oaks, CA 91403-5338
By phone: Call us toll-free at 1 (888) 986-9010
By email: Please fill out the form to the right

Contact StockBrokerLawyer now for a free, confidential review of your losses, and if they can be recovered.  The passage of time is always used as a defense, don’t delay, contact us now by calling (888) 986-9010, or emailing on the form provided.  We will respond as soon as possible, and having an independent no-cost review will help answer your questions.  We never share your personal information with third parties.

alert-info
Tags:

This is a unique website which will require a more modern browser to work! Please upgrade today!