Finra fines Raymond James, RBC over stock-loan fees

The Financial Industry Regulatory Authority Inc. announced today that it had fined Raymond James & Associates Inc. of St. Petersburg, Fla., and RBC Capital Markets Corp. of New York, over stock-loan violations.
JUN 18, 2009
The Financial Industry Regulatory Authority Inc. announced today that it had fined Raymond James & Associates Inc. of St. Petersburg, Fla., and RBC Capital Markets Corp. of New York, over stock-loan violations. Raymond James was fined $1 million and RBC $400,000. Finra alleged that the firms made payments to finder firms that provided no service in locating securities for margin borrowing. Finra said the cases, which date from 2004, were part of a broader inquiry into stock-loan practices in the industry. In a statement, Raymond James said it was pleased to have the matter settled. “The concerns raised by Finra as a result of its investigation did not relate to any Raymond James customers,” the firm said. Kevin Foster, an RBC spokesman, declined to comment. Finra is based in Washington and New York.

Latest News

SEC to lose Hester Peirce, deepening a commissioner crisis
SEC to lose Hester Peirce, deepening a commissioner crisis

The "Crypto Mom" departure would leave the SEC commission with just two members and no Democratic commissioners on the panel.

Florida B-D, RIA owner pitches bold long-term plan to sell to advisors
Florida B-D, RIA owner pitches bold long-term plan to sell to advisors

IFP Securities’ owner, Bill Hamm, has a long-term plan for the firm and its 279 financial advisors.

Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships
Fintech bytes: Vanilla, Wealth.com forge new estate planning partnerships

Meanwhile, a Osaic and Envestnet ink a new adaptive wealthtech partnership to better support the firm's 10,000-plus advisors, and RIA-focused VastAdvisor unveils native integrations with leading CRMs.

Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions
Fiduciary failure: Ex-advisor who sold practice fined after clients lost millions

A former Alabama investment advisor and ex-Kestra rep has been permanently barred and penalized after clients he promised to protect got caught in a $2.6 million fraud.

Why the evolution of ETFs is changing the due diligence equation
Why the evolution of ETFs is changing the due diligence equation

As more active strategies get packaged into the ETF wrapper, advisors and investors have to look beyond expense ratios as the benchmark for value.

SPONSORED Are hedge funds the missing ingredient?

Wellington explores how multi strategy hedge funds may enhance diversification

SPONSORED Beyond wealth management: Why the future of advice is becoming more human

As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management