Clifford C. Vatter III of Louisville Kentucky a stockbroker formerly registered with Raymond James Associates Inc. is the subject of an Order issued by the Commissioner of the Commonwealth of Kentucky Department of Financial Institution in which Vatter’s application to employed by International Assets Management LLC was retracted and Vatter consented to not registering as a stockbroker in the Commonwealth of Kentucky for at least ten years based upon allegations that Vatter executed unauthorized trades in the account of a Raymond James Associates Inc. customer; conduct violative of the Kentucky Securities Act. Department of Financial Institutions v. Clifford C. Vatter III Administrative Agency Action No. 2018-AH-00010 (Ag. 7, 2018).

This is not the first time that Vatter has been sanctioned by a securities regulator for misconduct. In particular, Vatter was fined $10,000.00 and censured by National Association of Securities Dealers (NASD) based upon Vatter’s consent to findings that he executed an unauthorized sale of the shares of an initial public offering during the time he had been associated with J.C. Bradford Co.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Vatter has been identified in six more customer initiated investment related disputes that concern accusations of his misconduct during the time that he was employed by securities broker dealers including J.C. Bradford and Raymond James Associates. For example, Vatter was named in a customer initiated investment related arbitration claim where the customer was awarded $30,000.00 in damages according to Vatter being found liable on the customer’s claims of his violation of state and federal securities laws; breach of fiduciary duty; misrepresentation; and fraud in regard to the sale of Service Merchandise corporate bonds to the customer while Vatter was associated with J.C. Bradford.

Another customer initiated investment related complaint regarding Vatter’s conduct was resolved for $150,000.00 in damages supported by accusations that unauthorized corporate debt transactions were effected in the customer’s account; and high yield bonds purchases executed in the customer’s investment account were inappropriate for the customer. Moreover, a customer initiated investment related arbitration claim concerning Vatter’s activities was settled for $250,000.00 in damages founded on allegations that while Vatter was associated with Raymond James Associates Inc., fiduciary duties owed to the customer had been breached; the customer’s brokerage account was administered negligently; contractual obligations to the customer had been violated; false or misleading statements and omissions were made; trades placed in the customer’s account were not suitable for the customer; and the customer had been defrauded. FINRA Arbitration No. 16-02609 (July 11, 2017).

Vatter was discharged by Raymond James Associates on July 18, 2017 based upon accusations of trades being executed by Vatter in a customer’s investment account without the customer’s permission.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

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