Clifford C. Vatter III of Louisville Kentucky was a stockbroker formerly registered with Raymond James and Associates Inc. whom the firm fired in July 2017 based upon accusations that Vatter placed trades in a customer’s account without the customer’s authorization.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Vatter has been identified in six customer initiated investment related disputes pertaining to accusations of Vatter’s improper conduct during the time he was employed with J.C. Bradford & Co, Morgan Keegan & Company, Inc., and Raymond James & Associates, Inc. Particularly, a customer was awarded $30,000.00 in damages according to an investment related arbitration claim involving Vatter’s misconduct, supported by allegations that Vatter made unsuitable investment recommendations to the customer pertaining to service merchandise bonds. National Association of Securities Dealers (NASD) Arbitration No. 99-01847 (Aug. 24, 2000). The customer additionally alleged breach of fiduciary duty, misrepresentation, and fraud in regard to corporate debt transactions effected in the customer’s account.
Then, a customer initiated investment related arbitration claim in regards to Vatter’s activities was resolved for $250,000.00 in damages founded on accusations that unsuitable investment recommendations and misrepresentations were made to the customer concerning high yield municipal bonds. NASD Arbitration No. 01-01328 (Apr. 16, 2002). Thereafter, on May 29, 2002, a customer initiated investment related written complaint pertaining to Vatter’s conduct was settled for $150,000.00 in damages founded on accusations that Vatter placed high yield bond purchases in the customer’s that were neither authorized nor suitable for the customer’s school funds and cemetery accounts.
Subsequently, on May 8, 2009, a customer initiated investment related written complaint pertaining to Vatter’s activities was resolved for $28,762.00 in damages supported by accusations that withdrawals had been executed from the customer’s individual retirement account without the customer’s authorization, and Vatter incorrectly represented the customer’s tax information which led the customer to sustain undue losses, fees and penalties. On September 11, 2009, another customer filed an investment related written complaint regarding Vatter’s activities, where the customer requested $76,000.00 in damages founded on allegations that unsuitable mutual fund recommendations were made to the customer.
Moreover, a customer initiated investment related arbitration claim pertaining to Vatter’s activities was resolved for $250,000.00 in damages based upon accusations of omissions and misrepresentation, fraud, breach of contract, breach of fiduciary duty, and violations of the Kentucky Securities Act and FINRA Rules. FINRA Arbitration No. 16-02609. The customer alleged that Raymond James & Associates, Inc. was liable for failing to supervise Vatter’s activities in the customer’s account.
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