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FINRA Fines Raymond James $17M

FINRA has fined two units of Raymond James Financial Inc. with a record $17 million in fines for rampant compliance failures in the brokerage's anti-money laundering programs. The two units, Raymond James & Associates and Raymond James Financial Services, failed to implement systems to properly prevent, detect, and investigate suspicious activity for a number of years as the units saw "significant growth" from 2006 to 2014, according to a statement from the regulatory authority. Linda Busby, Raymond James' former anti-money laundering compliance officer, was fined $25,000 and suspended for three months. “This case demonstrates that when there are broad-based failures within specific areas of responsibility, we will seek individual liability where appropriate," said FINRA's Chief of Enforcement, Brad Bennett. The brokerage firm's $17 million fine is FINRA's biggest pertaining to anti-money laundering, according to Michelle Ong, FINRA's spokeswoman. FINRA was especially concerned about the failures as RJFS was sanctioned in 2012 for inadequate procedures and agreed to review its program [...]

By |May 18th, 2016|FINRA, Press Releases & News|
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Former Broker Indicted On Fraud Charges

Claus Foerster, an ex-broker from South Carolina, was indicted by a grand jury for bilking customers out of $2.8 million during a fourteen-year span. Foerster operated his scheme from 2000 to 2014 while working as a financial advisor at Smith Barney & Co., Morgan Keegan & Co. and Raymond James Financial Inc., according to an indictment in the U.S. District Court in Spartanburg, South Carolina. The allegations stem from FINRA's 2014 decision to bar Foerster from the securities industry for operating a Ponzi scheme. Foerster would tell customers that he had an "excellent investment" for them at SG Investments, a fictional company that Foerster claimed would provide higher returns than the brokerage firms that employed him, according to the indictment. After clients agreed to the investment, Foerster then told them to take out money from their brokerage accounts and put it into their personal banking accounts. Deposits were then transferred to him in the form of checks. Foerster kept the [...]

By |March 11th, 2016|FINRA, Fraud, Press Releases & News|
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