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Brokerage Firm Fined $2.7M For Poor Supervision

Law360 (February 21, 2007, 12:00 AM EST) -- The National Association of Securities Dealers has fined Raymond James Financial Services Inc.’s $2.7 million after finding systematic problems with the brokerage firm's supervision of more than 1,100 of its branch managers.

From April 2000 to Sept 2004, Raymond James allowed producing branch managers to supervise their own activities, which allowed one branch manager, Donna Vogt, to place elderly or retirement-age customers in unsuitable investing options without being detected.

Vogt was the only registered representative in her office in Wisconsin, which was attached to her home....
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