- June 14, 2018
- Raymond James
The Wolper Law Firm is currently investigating claims against former Raymond James Financial Advisor, James Edward Lyons.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), effective June 4, 2018, James Edward Lyons was barred from associating with any FINRA member brokerage firm. Effectively, this means that James Edward Lyons is unable to work as a registered Financial Advisor. This disciplinary action was prompted by James Edward Lyon’s failure to comply with a subpoena request made by FINRA to provide on the record testimony regarding his sales practices.
According to FINRA’s BrokerCheck, James Edward Lyons has a total of eight (8) customer complaints, three (3) of which are currently pending. These complaints allege sales practice violations, including allegations of fraud, negligence, unauthorized trading and unsuitable investment recommendations. Among the complaints include:
- November 2017—Pending customer complaint, alleging fraud, unauthorized trading, and unsuitability. Alleged damages of $5 million.
- October 2017—Pending customer complaint, alleging unsuitable investment recommendations. Damages unspecified.
- April 2016—Customer complaint alleging churning, violation of federal securities laws, unauthorized trading and unsuitable investment recommendations. The alleged damages were $1.2 million. The dispute was settled for $400,000.
Brokerage firms are required by regulation to supervise the Financial Advisors they employ. The failure of a brokerage firm to properly supervise its Financial Advisors imposes liability on the brokerage firm for investment losses caused by the Financial Advisor’s misconduct.
If you or someone you know was a customer of James Edward Lyons at Raymond James and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.