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Article: Raymond James hit with $6.9 million fine.
- Article from:
- The St. Petersburg Times (Russia)
- Article date:
- September 16, 2005
CopyrightCOPYRIGHT 2005 St. Petersburg Times. 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: Helen Huntley
Sep. 16--A Securities and Exchange Commission judge found Raymond James Financial Services liable for fraud committed by one of its brokers and fined the St. Petersburg company $6.9-million Thursday.
The fine is one of the largest handed down by an SEC judge, although brokerages have agreed to much larger fines in cases settled without judicial proceedings.
Chief Administrative Law Judge Brenda Murray said willful violations of the securities law and a serious lack of supervision at Raymond James warranted a strong penalty that could serve as a deterrent to future wrongdoing.
Raymond James has 21 days to ask for a ...