Brokerage To Pay $7M For Failure To Supervise Agent

Law360, New York (November 21, 2005, 12:00 AM EST) -- The Securities and Exchange Commission has entered a final judgment against a Florida financial services company and its president, who the Commission alleges failed to supervise an agent who defrauded investors of $15.5 million.

The SEC ordered Raymond James Financial Services to disgorge $5,866.25 and pay a civil penalty of $6,900,000. Former Raymond James president J. Stephen Putnam was ordered to pay a civil penalty of $200,000 and is prohibited from having any contact with any brokers, dealers, or investment advisors for ninety days, beginning Dec....
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.