The Financial Industry Regulatory Authority (Finra) ruled that the broker-dealers now at Raymond James were not responsible for the failure to properly disclose the costs of notes that saw some investors incur significant losses.
Finra agreed to the requests of two former Merrill Lynch brokers to expunge a customer complaint over unsuitable sales of structured products in a case detailing the degree to which they should bear responsibility for the transgressions of their firm. The Vermont, US-based brokers joined Raymond James & Associates in 2016 after leaving the Bank of America owned investment firm, and both preside as senior vice presidents, investments. The brokers sold approximately US$150m worth of the not
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