Raymond James Discharges Broker For Unauthorized Trading
David Mark Waddle of Destin Florida a stockbroker formerly employed by Raymond James Associates Inc. has been discharged by Raymond James on June 5, 2017 based upon allegations that Waddle (1) admitted to exercising discretion in customer accounts by placing trades without speaking with those customers beforehand and (2) neglected to inform Raymond James Associates about a customer’s possible lack of capacity for making investment decisions.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Waddle has been identified in five additional customer initiated investment related disputes containing accusations of his violative conduct while employed with Shearson Lehman Hutton, Inc., PaineWebber, and UBS. Specifically, Waddle was subject of a customer initiated investment related arbitration claim in which the customer was awarded $9,800.00 in damages according to Waddle having been found liable for failing to supervise aspects of certain transactions that had been effected in the customer’s investment account. National Association of Securities Dealers (NASD) Arbitration No. 91-00745.
Then, a customer initiated investment related arbitration claim concerning Waddle’s activities was resolved for $24,850.00 in damages supported by allegations that Waddle churned the customer’s account, placed trades in the customer’s account without first receiving the customer’s permission, misrepresented the terms and conditions of the customer’s investments, and effected transactions in the customer’s account that were in no way suitable for the customer. NASD Arbitration No. 94-02530.
Thereafter, a customer initiated investment related complaint concerning Waddle’s conduct was settled for $50,000.00 in damages founded on accusations that purchases of Scios-Nova stock had been executed in the customer’s account on an unsuitable and excessive basis, and misrepresentations were made to the customer concerning the risks relating to those investments. Moreover, a customer filed an investment related complaint involving Waddle’s activities where the customer requested unspecified damages based upon allegations that Waddle failed to disclosure risk factors pertaining to the customer’s investment in variable annuity products, and made misleading statements to the customer concerning the safety of the annuity purchased by the customer.
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