FT. LAUDERDALE, Fla., Nov. 29, 2016 /PRNewswire/ -- The law firm of Securities Fraud Attorney Mark A. Tepper has filed claim against Raymond James Financial Services Inc. (NYSE: RJF), on behalf of an army veteran on disability. The claim seeks recovery of losses amounting to more than 80 percent of the principal in the veteran's account with Raymond James.
In the claim, filed with the Financial Industry Regulatory Authority (FINRA), Attorney Mark Tepper, the former Chief Trial Counsel at the New York Attorney General's Bureau of Investor Protection and Securities, alleges that Raymond James put his client "in harm's way" by converting the veteran's bank CD into a heavily margined, high risk account, over concentrated in Linn Energy (LINEQ).
The claim alleges that a Raymond James broker, "kept pushing Linn as the right alternative to a CD."
"Respondent also breached its duty to supervise its broker's activities in [the veteran's] Account by failing to detect and prevent the unsuitable recommendations despite indications of wrongdoing ("red flags"). Respondent's supervisory procedures were either defective or were not properly implemented and/or enforced," the claim alleges.
The claim also contends that the cost of maintaining the veteran's Raymond James account last year, was as high as 21.4%, requiring the Account to earn a 21.4% profit, merely to breakeven.
For a free case evaluation from the Mark A. Tepper law firm, email attorney Mark Tepper at [email protected] or telephone 954-961-0096.
About Mark A. Tepper, P.A. (www.MarkTepper.com)
Attorney Mark A. Tepper is the former Chief Trial Counsel at the New York Attorney General's Bureau of Investor Protection and Securities. He has earned the reputation of "Investor Advocate" while practicing law for over 35 years representing individual investors. FINRA arbitrators have upheld stockbroker fraud claims filed by Mr. Tepper against many brokerage firms. A member of the Florida, New York and California Bars, Mr. Tepper is peer-reviewed for 16 consecutive years, AV PREEMINENT® for ethical standards and legal ability, the highest rating of lawyers in the Martindale-Hubbell Law Directory.
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SOURCE Mark A. Tepper, P.A.