Ralph Wilson Smith of Valdosta Georgia a stockbroker formerly employed by Raymond James Financial Services Inc. is referenced in a customer initiated investment related arbitration claim which was resolved for $320,000.00 in damages supported by accusations that (1) the customer’s account transactions were negligently administered (2) contractual obligations were breached by the firm (3) fiduciary responsibilities had been violated (4) the customer was inappropriately sold investments in Memorial Production Partners and Linn Energy which have since caused the customer losses and (5) Raymond James Financial Services failed to supervise the stockbroker’s activities in the customer’s account. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01911 (Mar. 2, 2018).
FINRA Public Disclosure additionally reveals that a customer initiated investment related arbitration claim concerning Smith’s activities was settled for $90,000.00 in damages founded on allegations that between July 19, 2001 and July 29, 2016, the customer’s account lacked adequate supervision; equities transactions were executed in the customer’s account in a negligent fashion; contractual and fiduciary obligations had been breached; and the firm’s actions were violative of FINRA Rules and its own policies. FINRA Arbitration No. 16-02027 (Dec. 13, 2017).
