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Raymond James loses $762,000 penny stock arbitration claim

More than 20 claimants initially sought $8.8 million in damages and costs after a Morgan Keegan adviser allegedly misappropriated their funds.

Raymond James & Associates Inc. was tagged last week to pay $762,000 in an arbitration case stemming from penny stocks a legacy Morgan Keegan financial adviser bought for clients from 2007 to 2010.

Raymond James & Associates is the employee broker-dealer arm of Raymond James Financial Inc., the ho

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