Finra fines Raymond James, RBC over stock-loan fees

The Financial Industry Regulatory Authority Inc. announced today that it had fined Raymond James & Associates Inc. of St. Petersburg, Fla., and RBC Capital Markets Corp. of New York, over stock-loan violations.

The Financial Industry Regulatory Authority Inc. announced today that it had fined Raymond James & Associates Inc. of St. Petersburg, Fla., and RBC Capital Markets Corp. of New York, over stock-loan violations.
Raymond James was fined $1 million and RBC $400,000.
Finra alleged that the firms made payments to finder firms that provided no service in locating securities for margin borrowing.
Finra said the cases, which date from 2004, were part of a broader inquiry into stock-loan practices in the industry.
In a statement, Raymond James said it was pleased to have the matter settled.
“The concerns raised by Finra as a result of its investigation did not relate to any Raymond James customers,” the firm said.
Kevin Foster, an RBC spokesman, declined to comment.
Finra is based in Washington and New York.