James Edward Lyons of Shreveport Louisiana a stockbroker formerly registered with Raymond James Associates Inc. is the subject of a customer initiated investment related FINRA securities arbitration claim where the customer sought $1,000,000.00 in damages founded on allegations of Lyons’ unsuitable trading of sector-specific investments and direct investments while he was associated with Raymond James Associates. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-01358 (May 4, 2020). The claim alleges that unauthorized trades were effected in the customer’s account by Lyons.
Lyons has been identified in eight other customer initiated investment related disputes concerning accusations of his misbehavior while he was employed by Morgan Keegan Company Inc. and Raymond James. FINRA Public Disclosure shows that a customer initiated investment related complaint involving Lyons’ conduct was resolved for $152,000.00 in damages supported by allegations that Lyons engaged in unauthorized trading of the customer’s account during the period that he was registered with Morgan Keegan Company. The claim alleges that the transactions were unsuitable and misrepresented. The customer allegedly sustained damages on unit investment trusts, mutual funds and stocks.
Lyons is referenced in a customer initiated investment related civil action which was settled for $400,000.00 on May 9, 2017 based upon accusations of unsuitable and unauthorized trading by Lyons at Morgan Keegan and Raymond James. Civil Action No. 15:16-cv-00738. According to the claim, he violated Louisiana securities law and federal securities law. The claim also alleges churning and fraud.
Lyons is the subject of another customer initiated investment related FINRA securities arbitration claim in which the customer was awarded $2,986,708.96 in damages founded on Raymond James Associates being found liable for breach of state and federal securities laws relating to investments in Calumet Partners, Linn Energy, Cushing MLP Funds and Memorial Production Partners among other unit investment trusts and oil and gas master limited partnerships. FINRA Arbitration No. 17-02973 (Oct. 28, 2019). The claim alleges that the customer’s account was traded by Lyons without consent, and this resulted in an overconcentration in risky investments.
On February 21, 2019, an additional customer initiated investment related complaint regarding Lyons’ activities was resolved for $677,000.00 in damages based on allegations of unsuitable unit investment trusts, stocks and direct investments during the time that Lyons was associated with Raymond James. Lyons has additionally been referenced in a customer initiated investment related FINRA securities arbitration claim which was settled for $2,584,333.00 in damages supported by accusations of breach of contract and fraudulent representation by Lyons regarding investments in unit investment trusts and stocks. FINRA Arbitration No. 19-01691 (Aug. 24, 2021). The claim alleges that transactions were unsuitable and unauthorized. Lyons allegedly concealed costs and conflicts of interests.
Lyons has been barred from associating with any FINRA member in any capacity founded on findings that he did not cooperate with a FINRA investigation into his activities. Letter of Acceptance Waiver and Consent No. 2017054358101.
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(June 4, 2018). According to the AWC, Lyons was asked by FINRA to testify in June of 2018. Lyons relayed that he would not testify. He violated FINRA Rules 2010 and 8210.
Lyons was registered with Raymond James Associates between February 13, 2013 and April 28, 2017. He was discharged by Raymond James based upon a customer’s accusations of his unauthorized trading.
