Back To Top Skip to main content
Home

Call Us

  • About Us
    • Our Attorneys
    • Contingency-Fee Litigation
    • Verdicts and Settlements
    • Client Testimonials
    • Our Offices
  • Practice Areas
    • Practice Areas
    • Breach of Contract Litigation
    • Construction Litigation
    • Employment Litigation
    • Professional Malpractice
      • Accountant Malpractice
      • Legal Malpractice
      • Engineering Malpractice
  • Attorney Referrals
    • Referral FAQs
    • Send a Referral
    • View Our Brochure
  • News
  • FAQs
  • Contact Us
  • Locations
  • Practice Areas
  • About Us
  • Contact Us
© 2025 Business Trial Group

515 North Flagler Drive., Suite 2125, West Palm Beach, Florida 33401

877 667 4265 Call us 24/7
financial-advisor

SEC Charges Raymond James for Improperly Charging Retail Investors

Investor Alerts
September 25, 2019

The Securities and Exchange Commission recently instituted a settled order against three Raymond James companies for wrongfully charging advisory fees to clients with inactive accounts and for charging excess commissions to brokerage clients who invested in unit investment trusts (UITs).

According to the order, two Raymond James entities – Raymond James & Associates, Inc., and Raymond James Financial Services Advisors, Inc. – did not properly perform reviews of advisory accounts that did not have any trading activity for a year or more.  This resulted in a failure to establish whether each client’s fee-based advisory account was suitable.  

The order also finds that Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. used inaccurate pricing data for some UIT positions.  According to the order, this resulted in the charging of excessive fees to clients. Further, the order finds that Raymond James companies recommended that clients sell UITs early (before they matured) and purchase new UITs without properly determining whether those recommendations were suitable.  This resulted in the charging of excess commissions – i.e., if the clients had held the UITs to maturity before buying new UITs, they would have paid lesser commissions.  

According to the SEC, Raymond James’ misconduct caused its clients to pay millions of dollars in unnecessary fees and commissions.  

The order charges violations of: the Investment Advisers Act of 1940, Sections 206(2) and 206(4), and the Securities Act of 1933, Sections 17(a)(2) and (3).  To settle the charges, the three Raymond James companies agreed to disgorge approximately $12 million in improper advisory fees and UIT commissions, plus prejudgment interest.  They also agreed to pay a $3 million civil penalty and to be censured.  

According to Raymond James’ website, Raymond James has over $800 billion in client assets, a market capitalization of nearly $12 billion., and nearly 8,000 financial advisors.   On its website, Raymond James states that “[o]ur clients always come first” and that “[w]e must provide the highest level of service with integrity.”

If you feel you have been a victim of over-charges by Raymond James, please contact one of our Business Trial Group attorneys.  Attorneys Jared Levy (561-812-1541) and Aiman Farooq (954-327-3041) will be happy to discuss your potential claims regarding any overcharges by Raymond James or any investment losses you suffered with a brokerage firm or registered investment advisor.

The Business Trial Group helps investors recover their financial losses on a contingency basis.  You will never be charged hourly fees or expensive retainers. We are only paid if we successfully recover money for you.  

Backed by the size and skill of 700 lawyers and offices nationwide, the Business Trial Group is part of the largest contingency law firm in the nation.  We regularly battle against brokerage firms, investment advisory firms, and banks, and have helped investors recover tens of millions of dollars of losses.

Free Case Evaluation

Tell us about your situation so we can get started fighting for you. We tailor each case to meet our clients' needs.

Recent news

Morgan & Morgan wins $2.6 Million FINRA Arbitration Award Against Robert W. Baird & Co.

November 15, 2023

Morgan & Morgan wins $840,000 Jury Verdict for Sotheby’s Real Estate Brokerage

August 7, 2023

Business Trial Group Wins Victory Affirming Widow’s Right to Inherit Husband’s Estate

January 19, 2022

BTG Files Lawsuit on Behalf of Caregiver Alleging Failure to Pay for Years of Around-the-Clock In-Home Care

August 31, 2021

FINRA’s New Rule Limits Brokers From Being Named as Customers’ Beneficiaries

November 16, 2020
 
lexisnexis-logo

Need A Business Litigation Lawyer? Contact Us

Offices in all 50 states

Your local office

Backed by the resources of one of the nation’s largest plaintiffs’ law firm, the Business Trial Group handles cases in Florida and throughout the country. Though Morgan & Morgan has over offices in all 50 states, you do not have to live near one of our locations to benefit from our service.

Click to view

703 Waterford Way, Suite 1050,
Miami, FL 33126

(305) 929-1900
Find nearest office View all offices
Business Trial Group | Contingency-Fee Lawyers
877.667.4265
24 hours / 7 days a week. Se habla español.
Morgan & Morgan Lawyers | America's Largest Personal Injury Law Firm

Business Trial Group

Contigency Free Litigation

  • About Us
  • Our Offices
  • Client Testimonials
  • Contact Us
  • FAQs

Practice Areas

  • Construction Litigation
  • Employment Litigation
  • Professional Malpractice

Referrals

  • Attorney Referrals
  • Our Brochure

Legal

  • Disclaimer & Terms of Use
  • Privacy Policy
© 2025 Business Trial Group

515 North Flagler Drive., Suite 2125, West Palm Beach, Florida 33401

Call Us

Free Case Evaluation

 

Sidebar image block

lexisnexis-logo

Other areas

Breach of Contract Litigation
Business Tort Litigation
Construction Litigation
Defamation Litigation
Employment Litigation
Intellectual Property Litigation
Professional Malpractice
Probate, Trust & Estate Litigation
Securities and Stockbroker Fraud
Unpaid Commissions and Compensation

Why Clients Trust Us

“The Morgan & Morgan Business Trial Group handled my case against a major security company. I was amazed at the amount I received in the lawsuit. Not only was their research for the case very thorough, their concern for me and all those involved with the case was heartwarming and set me at ease.”
- N.D.
“I obtained excellent service, and my attorneys did everything possible to promptly resolve my case. The lawyers who helped me, Benjamin Webster and Arletys Rodriguez, are excellent professionals with infinite human quality.”
- C.F.
“The Morgan & Morgan Business Trial Group helped our family get through a rough time in representing us on a breach of an oral contract. Our group of lawyers, William and Arletys, were highly professional, knowledgeable, caring, reliable, and very compassionate with all of us, especially to our 92-year-old father.”
- de la Paz family
“I want to express my sincere appreciation for representing me in a case against my debtors. Not only were you successful in obtaining an equitable judgment on my behalf, but it was done is such a manner that made it affordable … even for me!”
- B.M.
“I had to reread the documentation to make sure it was not a dream. I cannot thank you enough for handling this to a full-payment settlement. You did a fantastic job in a ridiculous situation.”
- C.S.