The White Law Group Reviews Raymond James Complaints, Lawsuits & Regulatory History
The White Law Group is reviewing Raymond James & Associates, Inc. (CRD#: 705 / SEC#: 801-10418, 8-10999), a broker-dealer and investment advisory firm headquartered in St. Petersburg, Florida. Our firm is investigating complaints involving Raymond James. If you believe you’ve lost money because of a Raymond James broker or the firm’s own supervisory failures, our FINRA arbitration attorneys can review your account for free.
New: FINRA Fines Raymond James $125,000 Over Fractional Share Reporting Failures
FINRA censured and fined Raymond James & Associates $125,000 after finding the firm failed to report roughly 2.56 million fractional share liquidations. The violations reportedly ran from at least January 2018 through October 2024. During that period, Raymond James did not report the trades to the FINRA/Nasdaq Trade Reporting Facility or the Over-the-Counter Reporting Facility, in violation of FINRA Rules 6380A, 6622, and 2010.
FINRA also found that Raymond James lacked a supervisory system reasonably designed to catch this kind of reporting failure, a separate violation of FINRA Rules 3110 and 2010. As part of the settlement, the firm agreed to the censure, the $125,000 fine, and an undertaking to pay the regulatory transaction fees it owed on the unreported trades. Raymond James neither admitted nor denied the findings.
Recent FINRA, SEC, and State Sanctions
December 17, 2024 – Arizona Corporation Commission: Arizona regulators alleged Raymond James charged unreasonable commissions on low-principal equity transactions and failed to supervise. The firm was censured, fined $75,000, and ordered to pay more than $8.3 million in restitution across multiple states.
August 29, 2024 – FINRA AWC: FINRA sanctioned Raymond James for supervisory failures tied to customer complaints and mutual fund purchases after a faulty data filter excluded more than one million transactions from oversight. The firm paid a $525,000 fine and $26,169 in restitution.
August 14, 2024 – SEC Off-Channel Communications Order: The SEC found Raymond James failed to preserve required electronic communications. The firm admitted to the findings, was censured, and paid a $50 million civil penalty.
June 27, 2024 – Kansas Securities Commissioner: Kansas regulators fined Raymond James $75,000 and ordered at least $47,189 in restitution to Kansas investors for unreasonable commissions on small equity trades.
May 31, 2024 – Missouri Securities Division: Missouri regulators cited supervisory failures behind unreasonable commissions. The firm paid $138,887 in restitution to Missouri clients and $150,000 combined to NASAA and the state’s Investor Education and Protection Fund.
Raymond James Brokers Barred by FINRA
William Steven Cooke (CRD#: 2107758): Barred by FINRA in March 2026 for refusing to give on-the-record testimony in an investigation.
Meredith Archer Webber (CRD#: 2435263): Barred by FINRA in July 2025 for failing to cooperate in an investigation involving alleged misappropriation of elderly clients’ funds.
Jordan P. McLendon (CRD#: 6410265): Barred by FINRA in February 2025 after refusing to provide documents in a probe tied to alleged falsified records and his termination from Raymond James & Associates.
Bryan R. Noonan (CRD#: 4864372): Barred in June 2024 for failing to cooperate in an investigation into alleged undisclosed outside business activities and private securities transactions.
Thomas Reyes (CRD#: 3168338): Barred in June 2024 after refusing to testify in an investigation concerning alleged unapproved annuities and undisclosed outside business activities.
Michael Edwin Magruder (CRD#: 4579211): Barred in June 2025 after failing to cooperate with a FINRA investigation into alleged customer loan and repayment issues.
Can Raymond James Be Held Responsible for Broker Misconduct?
Broker-dealers like Raymond James have to supervise their representatives closely enough to catch problems like unauthorized trading, unsuitable recommendations, and undisclosed outside business activity. When that supervision fails, the firm can be liable for the resulting losses even if it didn’t know about the specific misconduct at the time.
Contact The White Law Group
The White Law Group is a national securities fraud and investor protection law firm with offices in Chicago and Seattle. Since 2010, our attorneys have handled over 800 FINRA arbitration cases involving investment fraud, negligence, and unsuitable recommendations.
If you have concerns about your investments with Raymond James, call us today at (888) 637-5510 for a free consultation, or contact us online. You can also reach our FINRA arbitration attorneys directly to talk through your options.
Frequently Asked Questions
1. How do I file a claim to recover money I invested through Raymond James?
Most brokerage account agreements typically include a pre-dispute arbitration clause, so claims against a firm like Raymond James are usually filed and resolved through FINRA arbitration rather than in court. Arbitration can still result in a full monetary recovery, and our attorneys can evaluate whether you have a claim at no cost.
2. What does it mean if a Raymond James broker made unauthorized trades or failed to disclose outside business activity?
Both are violations of FINRA rules that require brokers to get your approval before trading and to disclose conflicts of interest. If a broker traded without your permission or hid other business dealings from the firm, that conduct can be grounds for a claim against the broker and, in some cases, the firm.
3. Can Raymond James be held responsible even if it didn’t know about a broker’s misconduct?
Yes. Firms have a legal duty to supervise their brokers, and failing to catch red flags like unauthorized trading or unreported customer complaints can make the firm liable on its own, separate from the broker’s individual conduct.
