Business ProfileforRaymond James & Associates, Inc.

Investment Security

HeadquartersMulti Location Business

Additional business information

Government Actions:

The following describes a government action that has been resolved by either a settlement or a decision by a court or administrative agency. If the matter is being appealed, it will be noted below.

SECURITIES & EXCHANGE COMMISSION: On September 17, 2019, the Securities and Exchange Commission ("SEC") entered an Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Section 8A of the Securities Act of 1933, Section 15(b) of the Securities Exchange Act of 1934, and Sections 203(e) and (203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (Case Number 33-10689) for Raymond James & Associates, Inc.; Raymond James Financial Services, Inc.; and Raymond James Financial Services Advisors, Inc. ("Raymond James").

In anticipation of these proceedings, Raymond James submitted an Offer of Settlement without admitting or denying the findings by the SEC, which the SEC accepted.

The SEC determined that from January 2013 through May 2018, Raymond James engaged in certain violations. Per the SEC, Raymond James:

--Failed to conduct promised suitability reviews for certain advisory accounts
--Did not adopt policies and procedures reasonably designed to prevent violations concerning the suitability of fee-based advisory accounts
--Overvalued certain assets that resulted in charging excess advisory fees
--Failed to have a reasonable basis for recommending certain unit investment trust transactions to brokerage customers
--Failed to disclose the conflict of interest associated with earning greater compensation when recommending certain securities without providing applicable sales-load discounts to brokerage customers.

After the beginning of the SEC investigation, Raymond James undertook a number of remedial efforts, which included voluntarily retaining compliance consultants to review its UIT transactions and advisory valuation practices.

The sanctions imposed on Raymond James by the SEC include:

--The business agreed to cease and desist from committing or causing any violations or future violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act, and Sections 206(2) and 206(4) of the Advisers Act
--Disgorgement paid of $11,098,349.01
--Prejudgment interest paid of $1,072,764.80
--Civil money penalty paid to the SEC of $3,000,000

For more information you may contact the Securities and Exchange Commission at www.sec.gov or 800-732-0330.

SECURITIES & EXCHANGE COMMISSION: On March 11, 2019, the Securities and Exchange Commission ("SEC") entered an Order Instituting Administrative and Cease-and-Desist Proceedings, Pursuant to Sections 203(e) and (203(k) of the Investment Advisers Act of 1940, Making Findings, and Imposing Remedial Sanctions and a Cease-and-Desist Order (Case Number IA-5126) for Raymond James Financial Services Advisors, Inc. ("Raymond James").

Raymond James self-reported the violations to the SEC. The business submitted an Offer of Settlement without admitting or denying the findings by the SEC, which the SEC accepted.

From January 2014 through February 2018, Raymond James engaged in certain violations. The business self-reported that it:

--Purchased, recommended, or held for advisory clients mutual fund share classes that charged 12-b1 fees instead of lower-cost share classes of the same funds for which the clients were eligible.
--Failed to disclose the conflicts of interest related to (a) its associated persons' receipt of 12b-1 fees, and/or (b) its selection of mutual fund share classes that pay such fees.

The sanctions imposed on Raymond James by the SEC include:

--The business agreed to cease and desist from committing or causing any violations or future violations of Sections 206(2) and 207 of the Advisers Act
--Disgorgement paid of $6,181,028.07
--Prejudgment interest paid of $696,020.04

For more information you may contact the Securities and Exchange Commission at www.sec.gov or 800-732-0330.

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Related Categories

Products & Services

This company provides full service financial planning and brokerage services to individuals and corporations.

Business Details

This is a multi-location business.

Headquarters

880 Carillon Pkwy, Saint Petersburg, FL 33716-1102

BBB File Opened:

7/1/1983

Years in Business:

Business Started:

1/1/1964

Business Incorporated:

2/19/1969 in FL, USA

Licensing Information:

This business is in an industry that may require professional licensing, bonding or registration. BBB encourages you to check with the appropriate agency to be certain any requirements are currently being met.

BBB records show a license number of 6504220 for this business, issued by Lee County Business Tax Receipt

These agencies may include:

Lee County Business Tax Receipt

2480 Thompson St

Fort Myers FL 33901-3074

(239) 533-6000

https://www.leetc.com/

BBB records show a license number of 810459 for this business, issued by Collier County Business Tax Receipt

These agencies may include:

Collier County Business Tax Receipt

2800 Horseshoe Dr N

Naples FL 34104-6917