Raymond James to Pay $50 Million in SEC Settlement Over Off-Channel Communications

Posted on August 19th, 2024 at 10:58 AM
Raymond James to Pay $50 Million in SEC Settlement Over Off-Channel Communications

From the desk of Jim Eccleston at Eccleston Law

Raymond James Financial has reached a "settlement in principle" with the Securities and Exchange Commission (SEC) to pay $50 million, resolving an investigation into the firm's off-channel business communications. According to AdvisorHub, the disclosure aligns with similar settlements expected from other firms, including LPL Financial and Ameriprise Financial, which have set aside $50 million for related potential settlements.

The SEC has intensified its scrutiny on firms failing to meet records preservation requirements for business-related electronic communications. Earlier this year, the Commission ordered 16 wealth management firms to pay a combined $81 million over similar violations. Banks have incurred fines exceeding $1 billion for not properly capturing employees' electronic communications. Other broker-dealers like Stifel Financial and Edward D. Jones & Co. have also earmarked substantial amounts for potential settlements.

AdvisorHub also reports that the Financial Industry Regulatory Authority (FINRA) continues to pursue cases against individual advisors involving unauthorized texting as part of its broader enforcement efforts.

 

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

Tags: eccleston, eccleston law, sec, finra

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