https://www.retirementplanningscottsdale.com/2019/11/11/anil-vazirani-scottsdale-investment-advisor-shares-raymond-james-agreed-to-pay-15-million-to-settle-sec-allegations-it-collected-excess-commissions/ Anil Vazirani, Scottsdale Investment Advisor, shares Raymond James agreed to pay $15+ million to settle SEC allegations it collected excess commissions
Raymond James agreed to pay more than $15 million to settle SEC allegations it collected excess commissions and failed to conduct adequate suitability reviews. It’s the firm’s third major settlement of the year for a combined $37 million.
The SEC alleged in a Sept. 17 administrative order that Raymond James’ employee broker-dealer and RIA, its independent BD and the IBD’s corporate RIA improperly charged inactive advisory accounts and took in extra commissions for sales of unit investment trusts.
“Investment advisors and broker-dealers have ongoing obligations to their clients and customers,” C. Dabney O’Riordan, co-chief of the SEC Enforcement Division’s asset management unit, said in a statement. “Raymond James’ failures cost their advisory clients and brokerage customers millions that will be repaid as part of this settlement.”
For more information: https://www.financial-planning.com/news/raymond-james-settles-sec-case-on-uits-for-15m
Anil Vazirani is president of Secured Financial Solutions, independent insurance advisor investment advisor rep with a fiduciary obligation and in the financial services industry since 1994. A+ rating with the Better Business Bureau for over a decade and a half, members in good standing with the National Association of Insurance and Financial Advisors.
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