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Raymond James Financial, Inc. (RJF)



Faruqi & Faruqi, LLP is Investigating Raymond James Financial, Inc. (RJF) on Behalf of its Shareholders

Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential misconduct at Raymond James Financial, Inc. (“Raymond James” or the “Company”) (NYSE:RJF).

The investigation focuses on whether the Company’s Board of Directors and/or its officers committed mismanagement and breached their fiduciary duties for failing to comply with anti-money-laundering requirements.  On May 18, 2016, the Financial Industry Regulatory Authority (“FINRA”) issued a press release announcing that it had fined Raymond James & Associates, Inc. (“RJA”) and Raymond James Financial Services, Inc. (“RJFS”), two of the Company’s wholly owned subsidiaries, a total of $17 million for widespread failures related to the firms’ anti-money-laundering (“AML”) programs. RJA was fined $8 million and RJFS was fined $9 million for failing to establish and implement adequate AML procedures, which resulted in the firms’ failure to properly prevent or detect, investigate, and report suspicious activity for several years. RJA’s former AML Compliance Officer, Linda L. Busby, was also fined $25,000 and suspended for three months.

The FINRA press release further stated that “RJA and RJFS’ significant growth between 2006 and 2014 was not matched by commensurate growth in their AML compliance systems and processes. This left RJA and Busby, as RJA’s AML Compliance Officer from 2002 to February 2013, and RJFS unable to establish AML programs tailored to each firm’s business, and forced them instead to rely upon a patchwork of written procedures and systems across different departments to detect suspicious activity. The end result was that certain ‘red flags’ of potentially suspicious activity went undetected or inadequately investigated. These failures are particularly concerning given that RJFS was sanctioned in 2012 for inadequate AML procedures and, as part of that settlement, had agreed to review its program and procedures, and certify that they were reasonably designed to achieve compliance.”

Take Action

If you currently own Raymond James stock and would like to discuss your legal rights, please fill out the form below. You can also contact us by calling Stuart Guber toll free at (215) 277-5770 or by sending an e-mail to sguber@faruqilaw.com.  Faruqi & Faruqi, LLP also encourages anyone with information regarding Raymond James’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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    Raymond James Financial, Inc. (RJF)

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Contact Counsel

Stuart J. Guber
Nina Varindani
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330


Case Details


  • 05/18/2016

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