- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By Kyle Brasseur2022-09-23T14:32:00
A broker-dealer unit of Raymond James Financial agreed to pay $500,000 as part of a settlement with the Securities and Exchange Commission (SEC) for alleged supervisory failures that included the input of a misinformed compliance officer.
Raymond James & Associates did not clearly communicate to compliance and supervisory staff procedures regarding a group the business formed to help protect senior and at-risk clients, resulting in a compliance officer misunderstanding the purpose of the group’s investigations, the SEC alleged in its order. As a result, activities by a former registered representative at the firm, Frederick Stow, who was misappropriating funds from two elderly customers’ accounts were allowed to continue, according to the agency.
Stow, who eventually admitted his misconduct, was sentenced to five years in prison by the Department of Justice in May 2021 after pleading guilty to securities fraud, wire fraud, and aggravated identity theft.
You are not logged in and do not have access to members-only content.
If you are already a registered user or a member, SIGN IN now.
2024-08-30T20:02:00Z By Adrianne Appel
Raymond James & Associates and its subsidiary agreed to pay more than $1.9 million to settle allegations levied by the Financial Industry Regulatory Authority that it didn’t have an effective system to handle customer complaints, along with millions of direct mutual fund transactions not reasonably being supervised.
2025-04-28T21:38:00Z By Aaron Nicodemus
Whistleblowing in the United States is being buffered by uncertainty from regulators who are backing off policing corruption and consumer protections. Regulators like the Department of Justice and the Securities and Exchange Commission are being thrown into disarray by layoffs and restructuring. Still, whistleblowers will likely continue coming forward.
2025-04-28T20:40:00Z By Adrianne Appel
Compliance can be a highly fulfilling job but one that is tough and sometimes lonely, too. But participants at the Women in Compliance Brunch & Learn session at Compliance Week’s 20th anniversary national conference agreed community was the solution, though it can come in different ways.
2025-04-22T12:00:00Z
The Federal Trade Commission (FTC) filed a lawsuit against Uber, alleging the ride-hailing company signed customers up for its Uber One subscription without consent, then made it hard for them to cancel. The move marks the U.S. government’s latest broadside against big tech companies, and the first major action from ...
2025-04-18T17:45:00Z By Oscar Gonzalez
The U.S. Consumer Financial Protection Bureau continues to unravel amid pressure from Trump administration officials to shutter the agency. Not only has the agency informed its employees that it will no longer be a watchdog for the financial services industry, it has also laid off employees despite court orders blocking ...
2025-04-15T07:30:00Z By Aaron Nicodemus
The Consumer Financial Protection Bureau dropped yet another consumer protection lawsuit against a bank or fintech provider since Donald Trump was sworn in as president in January. This time, it was with Comerica Bank.
Site powered by Webvision Cloud