Finra bars two ex-Raymond James advisors who sold unapproved products
July 3, 2024 by Bruce Kelly
Two Raymond James Financial Services Inc. financial advisors on Monday were barred from the securities industry for not cooperating in investigations, according to the Financial Industry Regulatory Authority Inc.; both had previously been flagged by Raymond James for selling products to customers the firm had not signed off on as well as selling away, which involves offering clients investments that are not approved by the firm.
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Wink’s Moore on the Market: I just want to clarify on this piece that Raymond James certainly allows their reps to sell annuities.
However, as most B/Ds do, they have an “approved list” of products, from which their registered reps can sell.
So, it looks like one of these gentleman was selling annuities that weren’t on the approved list.
I don’t know if he thought Ray J wouldn’t find out, or what? -sjm
