- January 20, 2023
- Raymond James & Associates Inc
Raymond Sardina (CRD#: 3068885) is a registered Broker and an Investment Adviser at Raymond James & Associates, Inc. in Coral Gables, FL.
He entered the securities industry in 2000 and previously worked for Morgan Stanley, and Morgan Stanley DW, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in December 2022, FINRA received a customer dispute about Raymond Sardina. The allegation states, “Upon former FA’s termination of employment, the inheriting FA inappropriately invested him in speculative high-risk investments using margin, including investments in equity-linked securities focused on energy and biotech and concentrated positions.” The customer dispute is pending.
For a copy of the FINRA sanction, click here.
In addition, Raymond Sardina has been the subject of two additional disclosures, including the following:
- March 2022 — “Administrative fine for untimely completion of continuing education.” The State of Florida Department of Financial Services sanctioned Raymond Sardina with a civil and administrative penalty/fine of $250.
- March 2015 — “WITHOUT ADMITTING OR DENYING THE FINDINGS, SARDINA CONSENTED TO THE SANCTION AND TO THE ENTRY OF FINDINGS THAT CONTRARY TO HIS MEMBER FIRM’S POLICIES AND PROCEDURES, SARDINA BORROWED $10,000 FROM AN INDIVIDUAL, A CLOSE FRIEND AND CUSTOMER OF THE FIRM, AND REPAID THE LOAN WHEN THE INDIVIDUAL WAS YET A CUSTOMER OF THE FIRM. SARDINA NEITHER NOTIFIED THE FIRM THAT HE HAD RECEIVED THE LOAN NOR OBTAINED ITS APPROVAL TO DO SO. THE FINDINGS STATED THAT SARDINA FALSELY REPRESENTED ON THE FIRM’S ANNUAL COMPLIANCE QUESTIONNAIRE THAT HE HAD NOT RECEIVED A LOAN FROM ANY FIRM CUSTOMER. IN FACT, SARDINA HAD TAKEN THE LOAN FROM THE CUSTOMER, AND THE LOAN WAS STILL OUTSTANDING.” FINRA sanctioned Raymond Sardina with a one month suspension from any registration capacity, beginning April 20, 2015 and ending May 19, 2015. For a copy of the FINRA sanction, click here.
For a copy of Raymond Sardina’s FINRA BrokerCheck, click here.
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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.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
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