Raymond James Financial Inc., a U.S.
brokerage with 2,200 offices worldwide, may face additional
action from the Securities and Exchange Commission in a fraud
investigation of a former financial adviser in Rhode Island.
The SEC may seek payment of a “material amount” in an
“escalation” of the regulator’s claim against St. Petersburg,
Fla.-based Raymond James. In an SEC filing, the firm denied
the allegations, saying no enforcement action is warranted.
Raymond James said it set aside money to cover any damages.
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Initially, Raymond James and the SEC were unable to agree to
a resolution over a proposed enforcement action alleging the firm
failed to supervise an adviser in Rhode Island. In Friday’s
filing, the firm said the SEC’s staff didn’t produce new or extra
evidence to support any additional securities-fraud claims.
Raymond James “cannot predict what determination will be
made by the SEC,” the firm said in the filing. “The company has
made a provision in its financial statements for its estimate of
the reasonable potential exposure for this claim.”
Bloomberg News
