Violation Tracker Individual Record

Company: 
Raymond James & Associates, Inc. and Raymond James Financial Services, Inc.
Current Parent Company: 
Raymond James Financial
Penalty: 
$8,000,000
Year: 
2019
Date: 
November 6, 2019
Offense Group: 
financial offenses
Primary Offense: 
investor protection violation
Secondary Offense: 
financial institution supervision failures
Violation Description: 

Raymond James & Associates, Inc. and Raymond James Financial Services, Inc. agreed to pay a total of approximately $8 million in restitution to customers who incurred excess fees on their investments in 529 savings plans based on the firms' failures to reasonably supervise 529 plan share-class recommendations.

Level of Government: 
federal
Action Type: 
agency action
Agency: 
Financial Industry Regulatory Authority
Civil or Criminal Case: 
civil
HQ Country of Parent: 
USA
HQ State of Parent: 
Florida
Ownership Structure of Parent: 
publicly traded
Major Industry of Parent: 
financial services
Specific Industry of Parent: 
financial services
Notes: 

FINRA is a securities industry self-regulatory body authorized by the federal government.

Source Notes: 
If an online information source is not working, check the Violation Tracker Data Sources page for an updated link.
Parent company note: 
Parent-subsidiary relationship is current as of the most recent revision listed in the Update Log.