FINRA fines Raymond James $500,000

Linn Freedman of Robinson & Cole writes:

Financial services firm Raymond James Financial Services Inc. (Raymond James) has agreed to settle an investigation by the Financial Industry Regulatory Authority (FINRA) for $500,000. The investigation stems from allegations that Raymond James requested that new financial advisers disclose and bring confidential customer information to Raymond James when joining the firm from other brokerage firms, without getting the customers’ permission or providing an opt-out from the disclosure to the new firm.

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