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Industry Spotlight > Broker Dealers

FINRA Orders Raymond James to Pay $3.1M to Investors Over MLPs

By Melanie Waddell

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(Photo: Taylor Weidman/Bloomberg)

A Financial Industry Regulatory Authority all-public arbitration panel has ordered Raymond James and Associates to pay approximately $3.1 million to investors for infractions related to investments in oil and gas master limited partnerships and unit investments trusts.

Claimants including 401(k) and IRA holders, churches and family trusts were repaid for their investments in various oil and gas MLPs and UITs, including Linn Energy, Memorial Production Partners, Calumet Partners and Cushing MLP Funds.

The charges also included allegations of overconcentration and an alleged unauthorized trading pattern in claimants’ accounts by unnamed party “Mr. L” and unlawful commissions received.

The panel cited Raymond James for violating FINRA rules and industry standards; breach of contract; breach of federal and state laws; fraudulent and/or negligent representation; and fraudulent concealment.

The arbitration panel also rejected the claims against Raymond James advisor Thomas O’Brien and recommended the expungement of any reference to the arbitration from his CRD record, subject to court confirmation.

— Check out Raymond James’ RIA Group Adds Free Trades on ThinkAdvisor.

Melanie Waddell

@Think_MelanieW

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