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Article: Raymond James swims in sea of legal woes; Top producer awarded 756G in arbitration.(News)
- Article from:
- Investment News
- Article date:
- August 22, 2005
CopyrightCOPYRIGHT 2005 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Kelly
NEW YORK - For Raymond James Financial Services Inc., the legal hits keep on coming.
Last month, the St. Petersburg, Fla.-based firm lost a $756,520 arbitration case to a former top producer who recently left over a thorny compliance case involving a client's margin account.
The legal battle left the broker, Frank Gemino of Uniondale, N.Y., in despair. "Of course I feel betrayed,'' he said. "I was there since '86.''
Unusually openly aggressive with securities regulators, Raymond James Financial Services has recently said that it is toning down its stance. In a meeting with brokers in Chicago last month, Richard G. ...