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FINRA Bars Former Raymond James Broker for Refusing Testimony in Unauthorized Trading Probe

Posted on May 7th, 2026 at 12:34 PM
FINRA Bars Former Raymond James Broker for Refusing Testimony in Unauthorized Trading Probe

From the desk of Jim Eccleston at Ä¢¹½´«Ã½

A former registered representative with Raymond James has been barred from the securities industry after refusing to cooperate with a Financial Industry Regulatory Authority (FINRA) investigation into alleged unauthorized trading activity.

According to findings reported by ThinkAdvisor, FINRA initiated its inquiry after allegations surfaced that the broker executed trades in his wife's IRA without authorization and signed her name on documents to transfer funds from the account. The firm ultimately discharged the representative in December 2024, citing unauthorized activity and improper documentation.

ThinkAdvisor reports that FINRA requested on-the-record testimony under Rule 8210 as part of its investigation. The representative declined to appear for testimony, a decision that carries significant consequences under FINRA rules. When a registered individual refuses to provide requested information or testimony, FINRA treats the refusal as a violation that typically results in a permanent bar from the industry.

The underlying customer complaint came from the broker's spouse, who sought damages exceeding $72,000. According to ThinkAdvisor, the matter concluded with a settlement of approximately $79,000, and the representative repaid the funds at issue.

Ä¢¹½´«Ã½ LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra enforcement, unauthorized trading, broker misconduct, regulatory investigation, securities law

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