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SEC-FINRA Defense Blog

The Financial Industry Regulatory Authority (FINRA) censured and fined Raymond James Financial Services (Raymond James) $400,000.00 for failing to implement procedures to detect suspicious transactions in the accounts of a customer who used the firm’s accounts to carry out a Ponzi scheme. The fraudulent scheme resulted in losses of approximately $17.8 million to the individual investors. Raymond James neither admitted nor denied the allegations in resolving the case. Specifically, FINRA alleged that Raymond James failed...
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