Wayne M. Raymond, of New York, New York, a former stockbroker with Andrew Garrett Inc., has been subject to a customer initiated investment related arbitration claim on February 12, 2015, which was settled for $8,600.00 in damages based upon the customer’s allegations that Raymond effected excessive and unauthorized trades in the customer’s investment account.
FINRA Public Disclosure reveals that Raymond has been subject to four additional customer arbitrations. On December 26, 2003, a customer initiated investment related arbitration claim involving Raymond’s conduct was settled for $1,500.00 in damages based upon allegations against Raymond including fraud, breach of contractual and fiduciary duties, misrepresentation, and unauthorized and excessive trading.
On October 29, 2004, a customer initiated investment related arbitration claim involving Raymond’s actions was settled for $1,500.00 in damages based upon allegations that Raymond effected unsuitable and unauthorized investments in the customer’s account, made misrepresentations to the customer concerning investments, and generated excessive commissions.
On January 13, 2009, a customer initiated investment related arbitration claim involving Raymond’s conduct was settled for $150,000.00 in damages based upon allegations that Raymond breached his fiduciary duty to the customer, made misrepresentations concerning investments, and effected unsuitable investments in the customer’s account. On July 9, 2012, a customer initiated investment related arbitration claim was settled for $431,500.00 in damages based upon allegations that Raymond churned the customer’s investment account, and effected speculative trades without the customer’s authorization.
Since 1996, Raymond has been associated with fourteen different broker dealers, nine of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. After his termination from Andrew Garrett Inc., Raymond became registered with Halcyon Cabot Partners, Ltd. from November of 2013 to February of 2014.
Guiliano Law Group
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