Brokerage To Pay $7M For Failure To Supervise Agent

Law360 (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....
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