Raymond James Sued By Investors For Breach Of Contract
Adam Saul Frankfort of New York New York a stockbroker currently employed by Raymond James Associates Inc. is the subject of a customer initiated investment related arbitration claim where the customer sought $1,000,000.00 in damages based upon accusations that when Frankfort was associated with Raymond James and former securities broker dealer Deutsche Bank Securities: (1) the customer’s account was administered negligently (2) contractual obligations had not been complied with (3) fiduciary duties were breached (4) unauthorized trades were executed in the customer’s account (5) an inappropriate margin-based trading strategy was utilized and (6) the customer’s assets were overconcentrated in sector-specific equities and stock positions. Financial Industry Regulatory Authority (FINRA) Arbitration No. 18-02812 (Aug. 9, 2018).
FINRA Public Disclosure confirms that on May 31, 2017, a customer filed an investment related complaint concerning Frankfort’s conduct in which the customer requested $1,000,000.00 in damages supported by allegations that when Frankfort was associated with Raymond James, the customer had been provided bad investment advice; improper statements were made by Frankfort concerning the stocks sold to the customer; and trades placed in the customer’s account were inappropriate.
Frankfort’s registration with Deutsche Bank Securities has been terminated as of September 6, 2016. Since then, he has been registered with Raymond James.