Raymond James Sued By Investors For Failure To Supervise
Thomas Whitmeyer O’Brien of Shreveport Louisiana a stockbroker currently registered with Raymond James Associates Inc. is the subject of a customer initiated investment related arbitration claim where the customer was awarded $2,986,708.96 in compensatory damages based on Raymond James Associates being found liable on the customers’ claims which included that Raymond James failed to supervise common or preferred stock transactions effected in customer accounts which caused them to suffer unwarranted losses. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-02973 (Oct. 25, 2019).
FINRA Public Disclosure indicates that O’Brien is the subject of two more customer initiated investment related disputes pertaining to allegations of his bad business practices during the period in which the stockbroker was employed by Morgan Keegan Company LLC. Specifically, a customer filed an investment related complaint pertaining to O’Brien’s conduct in which the customer requested unspecified damages supported by allegations that when O’Brien had been employed by Morgan Keegan Company, misleading statements were made by the stockbroker pertaining to the risks and drawbacks of fixed annuities; and the transactions facilitated in the customer’s account by the stockbroker failed to be suitable and had caused the customer losses.
Another customer filed an investment related complaint concerning O’Brien’s activities on September 16, 2008 where the customer sought unspecified damages founded on accusations that when O’Brien was employed by Morgan Keegan Company, false or misleading statements had been made in regard to the terms and conditions of investments.
O’Brien has been registered with Raymond James Associates since February 13, 2013.