Cecil Allen Ross of Orlando Florida a stockbroker formerly registered with Raymond James Associates has been fined $5,000.00 and suspended for four months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Ross made unsuitable recommendations of unit investment trust transactions in customer accounts. Letter of Acceptance Waiver and Consent No. 2014042621701 (Dec. 18, 2019).
According to the AWC, unsuitable investment advice was provided by Ross with respect to two hundred eighty-seven of Raymond James’ customer accounts. Recommendations were made by Ross for customers to prematurely dispose of their investments in unit investment trusts. Apparently, most of the unit investment trust products subject of Ross’ recommendations had maturities of two years and contained as much as 3.95 percent sales charges. Less than one year after the unit investment trusts were purchased (three hundred five days on average), Ross advised customers to sell the positions and use proceeds for other unit investment trust purchases.
FINRA stated that Ross’ advice led customers to experience unwarranted sales charges; and it failed to be appropriate given the costs of the transactions and the frequency in which those transactions were executed. FINRA found that Ross’ conduct was violative of FINRA Rules 2111 and National Association of Securities Dealers (NASD) Rule 2310.
FINRA Public Disclosure confirms that Ross is identified in two customer initiated investment related disputes containing allegations of his misconduct while employed with Edward Jones and Raymond James Financial Services. Specifically, on March 4, 1999, a customer filed an investment related complaint involving Ross’ conduct in which the customer sought unspecified damages supported by accusations of Ross making misrepresentations concerning an annuity.
Also, Ross is referenced in a customer initiated investment related arbitration claim where the customer was awarded $100,000.00 in compensatory damages based upon Raymond James Financial Services and Ross being found liable on the customer’s claims of unit investment trust trades being effected in the customer’s account on an excessive basis; and transactions having been wholly unsuitable. FINRA Arbitration No. 14-02745 (Oct. 15, 2015).
Ross is currently associated with International Assets Advisory LLC and LPL Financial LLC.
