FINRA Suspends Raymond James Advisor For Accepting Large Gifts From Elderly Client

Posted on September 28th, 2021 at 2:32 PM
FINRA Suspends Raymond James Advisor For Accepting Large Gifts From Elderly Client

From the Desk of Jim Eccleston at Eccleston Law: 

The Financial Industry Regulatory Authority (FINRA) has suspended and imposed a $10,000 fine on a 51-year industry veteran who accepted unapproved cash gifts from an elderly client. 

The Raymond James advisor, Jerry Rice, operated out of New Jersey and failed to disclose that he “received $477,000 in monetary gifts from a senior customer” between 2013 and 2019. Rice additionally failed to disclose that he had been named as a beneficiary in the client’s will, according to FINRA. Rice violated Raymond James’ guidelines restricting advisors from accepting gifts from clients or being named beneficiaries in client wills absent firm approval. The conduct also violated FINRA’s “catch-all” Rule 2010, according to the regulator. 

Since departing Raymond James, Rice has not become registered with another advisory firm. According to FINRA, Rice began receiving the gifts in question as early as 2013 from an 89-year-old widow, who wrote Rice into her will shortly thereafter. Nevertheless, Rice affirmed in annual compliance questionnaires that he was aware advisors were prohibited from receiving gifts in excess of $100 per person each year absent approval from the firm. Rice also indicated on the annual questionnaires that he had never been named a beneficiary of a non-relative client’s estate. 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, regulatory and disciplinary matters.


Tags: eccleston, eccleston law, finra, raymond james, suspended advisor

Return to Archive



Jim, Stephany and the whole team were a God send.  We felt like we were put into a situation where we had no advocate. Jim’s team came in with a strong, well laid out strategy on how to get our story heard. Where our outside compliance company had no ability to help, our Broker Dealer was impenitent, and the regulators were aggressive pursuing vague rules, Jim came like a barricade against an assault we did not understand. Though you pay member dues to be affiliated with FINRA and a B/D, you have no voice. The only thing that is truly heard in this un-level playing field is a bulldog’s bark like Jim’s. I would encourage anyone to call Jim and his team to find a real ally in the tough and complicated world of securities regulation. They are truly the best.

Greg P.


September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).

September 19, 2023
Reg BI Violations Lead to FINRA's Fine on Another Broker-Dealer

The Financial Industry Regulatory Authority (FINRA) has fined and censured broker-dealer Network 1 Financial Securities and its chief compliance officer for violating Regulation Best Interest (Reg BI).

September 18, 2023
Troubles at an Arizona Park Funded by Municipal Bonds Are a Warning to Investors

The recent financial troubles at a sports arena in Mesa, Arizona, demonstrate that not all municipal bonds are equally safe.