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.
JUN 18, 2009
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.

Latest News

Integrated Partners, Kestra welcome multigenerational advisor teams
Integrated Partners, Kestra welcome multigenerational advisor teams

Integrated Partners is adding a mother-son tandem to its network in Missouri as Kestra onboards a father-son advisor duo from UBS.

Trump not planning to fire Powell, market tension eases
Trump not planning to fire Powell, market tension eases

Futures indicate stocks will build on Tuesday's rally.

From stocks and economy to their own finances, consumers are getting gloomier
From stocks and economy to their own finances, consumers are getting gloomier

Cost of living still tops concerns about negative impacts on personal finances

Women share investing strengths, asset preferences in new study
Women share investing strengths, asset preferences in new study

Financial advisors remain vital allies even as DIY investing grows

Trump vows to 'be nice' to China, slash tariffs
Trump vows to 'be nice' to China, slash tariffs

A trade deal would mean significant cut in tariffs but 'it wont be zero'.

SPONSORED Compliance in real time: Technology's expanding role in RIA oversight

RIAs face rising regulatory pressure in 2025. Forward-looking firms are responding with embedded technology, not more paperwork.

SPONSORED Advisory firms confront crossroads amid historic wealth transfer

As inheritances are set to reshape client portfolios and next-gen heirs demand digital-first experiences, firms are retooling their wealth tech stacks and succession models in real time.