Former Raymond James Financial Advisor, Gregory Lane, Terminated by Raymond James And Barred By FINRA For Failing To Participate In Investigation Into His Sales Practices
Gregory Lane was a Financial Advisor at Raymond James in Belleville, Illinois. Gregory Lane has been in the securities industry since 1985 and previously worked at Morgan Keegan.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2018, Gregory Lane was “Permitted to Resign” from Raymond James after it was alleged that “FA used Trust assets in a manner inconsistent with the terms of the Trust, including purchasing real property jointly with the Trust and not abiding by the Trust’s terms regarding to whom and how distributions were made.”
Following the separation, FINRA initiated an investigation, which resulted in a sanction, barring him from the securities industry. Specifically, the FINRA sanction held that Gregory Lane “refused to provide documents and information or to appear and provide on-the-record testimony requested by FINRA during the course of an investigation. The findings stated that that Lane’s member firm had submitted a Form U5 that indicated that at the time of his resignation from the firm, he was under internal review by it.”
For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2018058362501%20Gregory%20John%20Lane%20CRD%201400032%20AWC%20va.pdf
In addition, in April 2011, Gregory Lane was the subject of a customer complaint in which a customer alleged “CLAIM ALLEGES UNSUITABILITY AND MISREPRESENTATION WITH REGARD TO A VARIABLE ANNUITY PURCHASE IN 2009.” The matter was settled for $30,000.
For a copy of Gregory Lane’s CRD, click https://brokercheck.finra.org/individual/summary/1400032#disclosuresSection
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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