Last Updated: February 2024 (Austin, Texas)
Texas State Securities Board Joins Multi-State Settlement with Raymond James
In a Consent Order dated 12/21/23, The Texas State Securities Board (TSSB) joined Massachusetts, Washington, Montana, Alabama, Illinois and California in a settlement with Raymond James & Associates (RJA) and Raymond James Financial Services (RJFS). The investigation focused on the company’s practice of charging unreasonable commissions to retail investors on small dollar transactions.
Over the past five years, Raymond James overcharged investors by $8.25 million in some 270,000 equity transactions nationwide. Texas transactions were over 19,000 resulting in overcharges to Texans of more than $625,000. RJA has 47 branch offices in Texas. RJFS has 268 branch offices in Texas.
According to the TSSB, refunds, plus 6% interest, totaling more than $726,447, will be returned to Texas investors. Relevant time period is 7/1/2018 to 7/17/2023.
In addition Raymond James will pay the State of Texas $75,000 as an administrative fine.
Raymond James
Raymond James & Associates and Raymond James Financial Services are broker-dealers headquartered in St. Petersburg, Florida, and operate branch offices nationwide. According to their website, they have approximately 8,700 financial advisors in the United States, Canada and overseas.
The CRD for Raymond James & Associates discloses 168 Regulatory Events and 72 arbitrations.
The CRD for Raymond James Financial Services discloses 116 Regulatory Events and 76 arbitrations.
[LEARN MORE] “How to Research Your Broker-What is a CRD?”
The Texas State Securities Board
Mission of the TSSB, according to their website:
The State Securities Board is responsible for administering and enforcing the Texas Securities Act. The mission of the State Securities Board is to protect Texas investors. Consistent with that purpose, the Agency seeks to ensure a free and competitive securities market for Texas, increase investor confidence, and thereby encourage the formation of capital and the creation of new jobs in Texas.
The Financial Industry Regulatory Authority
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
Rex Securities Law
With offices in Boca Raton, FL and Austin, TX, stockbroker fraud attorney Rex Securities Law provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers, financial advisors and broker dealers.
If you have questions about how your account has been handled, call (877) 224-3199 to speak with an experienced securities attorney at no cost to you.
Most cases are handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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