If you suffered investment losses due to broker misconduct at Raymond James Financial, you may have legal options to recover your money. Raymond James, one of the largest independent broker-dealers in the United States with over $1.26 trillion in client assets and approximately 8,700 financial advisors, has faced significant regulatory scrutiny and substantial fines in recent years for failures in supervision, reporting, and compliance.
A Raymond James claims attorney can evaluate your situation, determine whether you have a viable claim, and guide you through the FINRA arbitration process to seek recovery of your losses. In 2025, investors continue to file claims against Raymond James for various forms of misconduct, from unsuitable investment recommendations to excessive trading.
Key Takeaways
- Raymond James paid nearly $52 million in regulatory fines in 2024 alone for compliance failures
- FINRA arbitration is the primary forum for resolving disputes with Raymond James brokers
- You generally have six years from the date of misconduct to file a FINRA arbitration claim
- Common claims include unsuitable recommendations, excessive trading, and failure to supervise
- An experienced securities attorney can help you navigate the arbitration process and maximize your recovery
Raymond James Regulatory History and Recent Violations
Understanding Raymond James’s regulatory track record can help you assess whether the firm’s compliance failures may have contributed to your losses. The firm has faced multiple enforcement actions from both the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).
2024 SEC Off-Channel Communications Settlement
In August 2024, Raymond James agreed to pay a $50 million penalty to settle SEC charges for widespread failures to maintain and preserve electronic communications. According to the SEC’s press release, the violations were firm-wide and involved personnel at various levels of authority throughout the organization.
The firm failed to maintain the substantial majority of off-channel business communications, including text messages and encrypted messaging platforms like WhatsApp. This recordkeeping failure makes it difficult for regulators and investors to identify potential misconduct that may have occurred through these unmonitored channels.
2024 FINRA Settlement for Reporting Failures
Also in August 2024, Raymond James paid nearly $2 million in fines and restitution to settle FINRA allegations that the firm:
- Failed to timely report approximately 450 customer complaints to regulators
- Delayed disclosures by an average of three years, with one report eight years late
- Received numerous complaints alleging forgery, theft, and misappropriation of funds
- Failed to properly monitor at least 4.7 million mutual fund purchases between 2012 and 2017
Raymond James & Associates paid a $525,000 fine plus $26,000 in restitution to 19 customers, while Raymond James Financial Services paid $1.3 million plus $85,500 in restitution to 40 customers.
Warning: Delayed complaint reporting means that other investors may not have had access to crucial information about broker misconduct when making decisions about their accounts. If your broker had undisclosed complaints, this could be grounds for a claim.
NASAA Settlement for Unreasonable Commissions
In 2023, the North American Securities Administrators Association (NASAA) announced a $13 million settlement with Raymond James for charging unreasonable commissions on over 270,000 equity transactions over a five-year period.
| Year | Regulator | Violation | Penalty |
|---|---|---|---|
| 2024 | SEC | Off-channel communications | $50 million |
| 2024 | FINRA | Complaint reporting failures | $1.9 million |
| 2023 | NASAA | Unreasonable commissions | $13 million |
| 2019 | SEC | Improper advisory fees | $15 million |
| 2011 | FINRA | Unfair commissions | $1.69 million restitution |
Common Claims Against Raymond James Brokers
Investors who have suffered losses at Raymond James may have grounds to file a claim based on various types of broker misconduct. The following represent the most common allegations in FINRA arbitration cases.
Breach of Fiduciary Duty
Your broker has a duty to act in your best interests. When they prioritize their commissions or the firm’s profits over your financial wellbeing, they may be liable for your losses. In 2024, breach of fiduciary duty was the most common dispute type in FINRA arbitration with 1,252 cases filed.
Unsuitable Recommendations
Brokers must recommend investments that align with your risk tolerance, investment objectives, and financial situation. Recommending speculative investments to conservative investors or concentrating your portfolio in risky products may constitute unsuitable advice.
Excessive Trading (Churning)
When brokers make frequent trades primarily to generate commissions rather than benefit your portfolio, this is called churning. Signs include high turnover ratios, significant commissions relative to your account value, and losses despite an overall rising market.
Failure to Supervise
Raymond James has been repeatedly sanctioned for supervisory failures. When a firm fails to properly oversee its brokers, it can be held liable for the resulting investor losses. FINRA recorded 1,050 failure to supervise claims in 2024.
Additional Grounds for Claims
- Unauthorized Trading: Executing trades without your permission or outside the scope of any discretionary authority granted
- Misrepresentation and Omissions: Making false statements or failing to disclose material information about investment risks
- Excessive Fees: Charging unreasonable commissions, markups, or advisory fees
- Negligence: Failing to exercise reasonable care in managing your account (1,126 FINRA cases in 2024)
- Concentration: Over-allocating your portfolio to a single security, sector, or asset class
The FINRA Arbitration Process for Raymond James Claims
When you open an account with Raymond James, you likely signed an agreement requiring disputes to be resolved through FINRA arbitration rather than court litigation. While this may seem like a disadvantage, arbitration offers several benefits including faster resolution and lower costs.
2024 FINRA Statistics: According to FINRA’s official statistics, the average arbitration case was resolved in 12.5 months in 2024, down from 14.6 months in 2023. Approximately 68% of cases settled before hearing.
Step-by-Step Arbitration Process
The FINRA arbitration process involves several key stages, from initial filing through the final award.
| Stage | Timeframe | Description |
|---|---|---|
| 1. Statement of Claim | Initial filing | Submit your written claim describing the dispute, parties involved, and damages sought |
| 2. Response | 45 days | Raymond James files its answer to your allegations |
| 3. Arbitrator Selection | 1-2 months | Both parties rank and strike arbitrators from FINRA’s list |
| 4. Discovery | 3-6 months | Exchange of documents and identification of witnesses |
| 5. Pre-Hearing Conference | Ongoing | Arbitrators and parties discuss case management issues |
| 6. Arbitration Hearing | 1-5 days typically | Both sides present evidence, testimony, and arguments |
| 7. Award | 30 days after hearing | Arbitrators issue a binding written decision |
Panel Composition
The number of arbitrators on your panel depends on the size of your claim:
- Claims of $50,000 or less: One arbitrator decides the case
- Claims between $50,000 and $100,000: One arbitrator, unless both parties agree to three
- Claims over $100,000: Three-arbitrator panel
Time Limits for Filing Raymond James Claims
Understanding the applicable time limits is critical, as waiting too long can permanently bar your claim.
FINRA Eligibility Rule
FINRA requires that claims be filed within six years of the event giving rise to the dispute. This is a strict deadline that generally cannot be extended, even if you only recently discovered the misconduct.
State Law Limitations
State statutes of limitations may be shorter than FINRA’s six-year rule. For example, California limits fraud and misrepresentation claims to three years. A securities attorney can advise on the specific deadlines that apply to your situation.
Do Not Delay: Even if your losses occurred within the past six years, state law may impose shorter deadlines. Contact a Raymond James claims attorney promptly to ensure you preserve your rights.
What Damages Can You Recover?
If your claim is successful, you may be entitled to various forms of recovery depending on the nature of the misconduct and your specific losses.
Compensatory Damages
Recovery of your actual investment losses, calculated as the difference between what you invested and what you received, or the difference between your actual performance and what an appropriate portfolio would have earned.
Interest
Pre-judgment and post-judgment interest on your losses from the date of the misconduct through payment of the award.
Attorneys’ Fees and Costs
In some cases, arbitrators may award reimbursement for your legal fees and arbitration costs.
Why Experience Matters in Raymond James Claims
Taking on a major brokerage firm like Raymond James requires an attorney who understands how these firms operate and defend against investor claims.
Gary Varnavides spent 10 years at Sichenzia Ross Ference LLP defending broker-dealers against investor claims before founding Varnavides Law to represent investors. This experience provides invaluable insight into:
- How large firms structure their legal defenses
- Common tactics used to minimize investor recoveries
- Which evidence is most persuasive to arbitration panels
- How to effectively counter defense arguments
- The internal compliance processes that firms should follow
Credentials: Gary Varnavides has been recognized as a Super Lawyers Rising Star from 2015 to 2023, an honor reserved for the top 2.5% of attorneys in the New York Metro area. He is licensed to practice in California and New York.
How We Handle Raymond James Claims
When you bring your case to Varnavides Law, we follow a thorough process designed to maximize your chances of recovery.
Case Evaluation
We begin by reviewing your account statements, trade confirmations, correspondence with your broker, and any other relevant documents. We analyze your investment objectives, risk tolerance, and the suitability of the recommendations made to you.
Investigation
We research your broker’s disciplinary history through FINRA BrokerCheck, review Raymond James’s regulatory history, and identify patterns of misconduct that may support your claim.
Claim Development
We prepare a detailed Statement of Claim that clearly articulates the facts, legal theories, and damages. We gather supporting documentation and identify expert witnesses if needed.
Arbitration Representation
We guide you through discovery, pre-hearing conferences, and the arbitration hearing itself. We present your case persuasively, cross-examine defense witnesses, and advocate for the maximum recovery of your losses.
Fee Structure
We handle most Raymond James claims on a contingency fee basis, which means:
- No upfront attorney fees: You pay nothing out of pocket to begin your case
- We only get paid if we recover money for you: Our fee is a percentage of your recovery
- Fee percentage discussed during consultation: We will explain our fee arrangement in detail during your free case evaluation
You remain responsible for case costs, which may include FINRA filing fees, expert witnesses, and deposition transcripts. We can discuss cost estimates and payment arrangements during your consultation.
Check Your Broker’s Record
Before taking action, you can research your Raymond James broker’s disciplinary history and disclosure record using FINRA’s free BrokerCheck tool at brokercheck.finra.org. The report will show:
- Employment history
- Licensing information
- Customer complaints and arbitration awards
- Regulatory actions and sanctions
- Bankruptcies, liens, and criminal disclosures
You can also call FINRA’s BrokerCheck hotline at 800-289-9999.
Frequently Asked Questions
How long do I have to file a claim against Raymond James?
Under FINRA rules, you generally have six years from the date of the alleged misconduct to file an arbitration claim. However, state statutes of limitations may impose shorter deadlines. For example, California limits fraud claims to three years. It is important to consult with a securities attorney promptly to understand the specific deadlines that apply to your situation.
Can I sue Raymond James in court instead of arbitration?
In most cases, no. When you opened your account, you likely signed a customer agreement containing a pre-dispute arbitration clause requiring all disputes to be resolved through FINRA arbitration. This is standard practice in the brokerage industry and is generally enforceable. However, arbitration offers advantages including faster resolution (average 12.5 months in 2024) and lower costs compared to court litigation.
What is the average recovery in FINRA arbitration cases?
Recovery amounts vary significantly based on the nature and extent of misconduct, the strength of evidence, and the specific losses suffered. According to FINRA’s 2024 statistics, 26% of decided cases resulted in customer awards. However, approximately 68% of cases settle before hearing, often for amounts agreed upon by both parties. A securities attorney can help you assess the potential value of your claim.
How much does it cost to file a FINRA arbitration claim?
FINRA charges filing fees based on the amount of your claim, ranging from $50 for smaller claims to several thousand dollars for larger claims. When you work with an attorney on a contingency fee basis, you typically do not pay attorney fees unless you recover. However, you remain responsible for case costs such as filing fees and expert witnesses. We discuss all costs during your free consultation.
What evidence do I need for a Raymond James claim?
Helpful documents include account statements, trade confirmations, account opening documents, correspondence with your broker (emails, letters, notes of phone conversations), marketing materials provided by your broker, and any written investment policy statement. Even if you do not have all documents, your attorney can obtain many records through the discovery process.
Can I recover losses from market declines?
General market declines alone do not typically support a claim. However, if your broker recommended unsuitable investments, failed to diversify your portfolio, or engaged in other misconduct that exposed you to excessive risk, you may be able to recover the portion of your losses attributable to that misconduct. A securities attorney can help distinguish between market-related losses and losses caused by broker wrongdoing.
What if my Raymond James broker no longer works at the firm?
You can still pursue a claim against Raymond James even if your broker has left the firm. Brokerage firms are responsible for supervising their brokers and can be held liable for failing to detect or prevent misconduct. Additionally, you may be able to pursue claims against the individual broker at their current firm. Use FINRA BrokerCheck to find your broker’s current employment.
How does the arbitration hearing work?
The hearing takes place in a conference room with the arbitration panel at the head of the table and parties on each side. You or your attorney will present an opening statement, introduce evidence, and call witnesses. Raymond James will have the same opportunity. Each side can cross-examine the other’s witnesses. After closing arguments, the arbitrators deliberate and issue a written decision, typically within 30 days.
Take the First Step Toward Recovery
If you have suffered investment losses due to misconduct by Raymond James or one of its brokers, you deserve to understand your options. The firm’s pattern of regulatory violations and compliance failures demonstrates systemic issues that may have affected your account.
Do not let the statute of limitations expire on your potential claim. Contact us today for a free, confidential case evaluation.
Free Case Evaluation
We will review your Raymond James account, explain your legal options, and advise you on the best path forward. There is no cost or obligation to speak with us.
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