FINRA Fines Raymond James $2 Million for Failing to Maintain Reasonably Designed Supervisory Systems

Posted on January 2nd, 2018 at 2:39 PM
FINRA Fines Raymond James $2 Million for Failing to Maintain Reasonably Designed Supervisory Systems

From the Desk of Jim Eccleston at Eccleston Law LLC:

FINRA has fined Raymond James Financial Services, Inc. $2 million for failing to create appropriate supervisory systems and procedures for examining firm email communications.

More specifically, during a nine-year review period conducted by FINRA, it found that Raymond James’ supervisory personnel missed millions of emails to evade sufficient review.  In addition, the firm also failed allocate the necessary personnel and resources to review emails flagged by the system and found that the firm unreasonably excluded from email surveillance certain firm personnel who serviced customer brokerage accounts.

In settling this matter, Raymond James consented to FINRA’s findings, but neither admitted nor denied the charges.

The attorneys of Eccleston Law LLC represent investors and advisors nationwide in securities and employment matters. The securities lawyers at Eccleston Law also practice a variety of other areas of practice for financial advisors including Broker Litigation & ArbitrationStrategic Consulting ServicesRegulatory  MattersTransition Contract Review, and much more. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services. If you are in need of legal services, contact us to schedule a one-on-one consultation today.

Related Attorneys: James J. Eccleston

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