Bradley S. Lay (also known as Brad Lay), of Franklin, Tennessee, a stockbroker registered with Raymond James Associates Inc., is the subject of an investigation initiated by Tennessee Department of Commerce and Insurance on March 29, 2022, into allegations that Lay failed to disclose a prior regulatory enforcement action.
Financial Industry Regulatory Authority (FINRA) Public Disclosure shows that Lay was fined $7,500.00 and suspended for two months from associating with any FINRA member in any capacity because Lay engaged in unauthorized trading. Letter of Acceptance, Waiver, and Consent No. 2019063909501 (December 6, 2021).
According to the AWC, in June and July 2019, during the time that he was associated with Raymond James Associates Inc., Lay executed nine transactions in four customer accounts without receiving authorization from customers. In total, Lay sold securities in the amount of $289,000.00 without authorization. Lay also deleted notes in Raymond James’ client management system that falsely indicated he had spoken to a customer before trading on their behalf. Lay violated FINRA Rule 2010.
Lay was associated with Raymond James Associates Inc. in St. Petersburg, FL, as a stockbroker from February of 2013 to September of 2019, and was associated with Raymond James Associates Inc. in Columbia, TN, as an investment advisor representative from February of 2013 to September of 2019. On August 16, 2019, Raymond James Associates Inc. discharged Lay based upon allegations that Lay engaged in unauthorized trading.
Lay has been associated with SA Stone Investment Advisors Inc. in Franklin, TN, as an investment advisor representative since September 11, 2019, and has been associated with SA Stone Wealth Management Inc. in Franklin, TN, as a stockbroker since September 5, 2019.
