FINRA

Without admitting or denying the findings, Conn consented to the sanctions and to the entry of findings that he exercised discretion in customer accounts without prior written authorization from the customers or prior permission from his member firm. The findings stated that the customers knew Conn was placing trades in their accounts. The findings also stated that in circumvention of firm policy, Conn gifted one of the customers a total of $120,000 by making deposits into her checking account. Conn failed to disclose these gifts to the firm. In addition, Conn falsely stated on his annual questionnaire that he had not gifted any customer more than $100.

Acceptance, Waiver & Consent(AWC)

Civil and Administrative Penalty(ies)/Fine(s)

$15,000.00

Suspension

All capacities

three months

4/7/2025

7/6/2025

Two clients allege FA improperly placed them in aggressive and inappropriate investments, and one of the clients also alleges that his account was invested in speculative positions and that there may be evidence of churning.

CLIENT ALLEGES FA RECOMMENDED UNSUITABLE INVESTMENTS

$1,500,000.00

$1,500,000.00

CLAIMANT ALLEGES THAT FA RECOMMENDED AND IMPLEMENTED AN UNSUITABLE INVESTMENT STRATEGY WHICH INCLUDED CONCENTRATING HER ACCOUNTS IN EQUITIES AND WRITING COVERED CALL OPTIONS; HE FAILED TO DISCLOSE THE RISKS OF THE OPTIONS STRATEGY; HE CHARGED EXCESSIVE COMMISSIONS; AND HE EXECUTED CERTAIN TRANSACTIONS WITHOUT AUTHORIZATION.

$613,000.18

RAYMOND JAMES & ASSOCIATES, INC.

Discharged

Individual failed to follow firm policies with respect to exercise of discretion, and with respect to payments to a client, and for a potential unreported OBA.

REPRESENTATIVE WAS LISTED AS A SECOND SUCESSOR TRUSTEE ON AN CLIENT'S TRUST AGREEMENT FROM 1995. HE HAS SINCE RESIGNED AS SUCESSOR TRUSTEE.

Client alleges mismanagement of accounts and unsuitable investments. Allegation Activity Dates: 5/8/2018 - 8/31/2020.

$2,000,000.00

$525,000.00

The Parties initially mediated this matter on January 5, 2022 but a resolution was not reached. Thereafter, the Parties continued to negotiate and ultimately accepted the Mediator's proposal for settlement. RJA agreed to pay Claimant $525,000.00 in exchange for a full release of claims and dismissal of the matter with prejudice.

BREACH OF FIDUCIARY DUTY, NEGLIGENCE, BREACH OF CONTRACT, FRAUD, UNAUTHORIZED TRADING, MISREPRESENTATION. DATES OF ALLEGED ACTS: 05/1994-03/2001.

$236,000.00

$40,000.00

UNAUTHORIZED TRADING

$286,251.09