Former Raymond James Financial Advisor, Eldridge Parks, Barred By FINRA For Refusing To Cooperate In FINRA Investigation In Connection With Alleged Unsuitable Securities Recommendations
Eldridge F. Parks (CRD # 1041447) was a Financial Advisor at Raymond James & Associates in Saginaw, MI. Eldridge Parks has been in the securities industry since 1982 and previously worked at Morgan Stanley, Citigroup Global Markets, Lehman Brothers and E.F. Hutton.
According to publicy available records released by the Financial Industry Regulatory Authority (FINRA), in August 2019, FINRA barred Eldridge Parks indefinitely from acting as a broker or otherwise associating with a broker-dealler firm for refusing to “appear for on-the-record testimony requested by FINRA, ater allegations by a member firm’s customer that he made unsuitable securities recommendations.”
For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2016050134502%20Eldridge%20F.%20Parks%20CRD%201041447%20AWC%20jm.pdf.
In Decemb er 2017, a customer filed a complaint alleging, “Suitability, Over-Concentration.” The matter settled for $50,000.
For a copy of Eldridge Parks’ BrokerCheck report, click https://brokercheck.finra.org/individual/summary/1041447.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
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