James Edward Lyons of Shreveport Louisiana a stockbroker formerly employed by Raymond James & Associates, Inc. has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he obstructed a FINRA investigation into allegation of his unauthorized trading in customer accounts. Letter of Acceptance Waiver and Consent No. 2017054358101 (June 4, 2018).
According to the AWC, Lyons was discharged from Raymond James on May 22, 2017, supported by allegations that Lyons placed trades in customer accounts without the customer’s permission. FINRA then commenced an investigation into Lyons’ misconduct, sending Lyons a letter on May 11, 2018 seeking Lyons’ recorded testimony to be provided on June 6, 2018. The AWC stated that on May 22, 2018, Lyons notified FINRA that he would not be cooperating in the investigation at any point. FINRA found that Lyons’ failure to testify was violative of FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Lyons has been identified in six customer initiated investment related disputes containing accusations of his misconduct during the time that he was registered with Morgan Keegan & Company, Inc and Raymond James. Particularly, on March 18, 2009, a customer filed an investment related complaint concerning Lyons’ conduct in which the customer requested $75,000.00 in damages based upon allegations of misrepresentation of municipal debt investments. Then, a customer initiated investment related arbitration claim concerning Lyons’ conduct was settled for $152,000.00 in damages founded on accusations including suitability, unauthorized trading and misrepresentation concerning mutual funds, unit investment trust and stocks. FINRA Arbitration No. 11-03703 (Sept. 6, 2013).
Lyons is referenced in a customer initiated investment related civil action which was resolved for $400,000.00 in damages supported by allegations that between February of 2011 and April of 2016, Lyons churned the customer’s investment portfolio of over-the-counter equities and mutual funds, violating Louisiana Securities Law. Civil Action No. 15:16-cv-00738 (May 9, 2017). Then, a customer filed an investment related arbitration claim regarding Lyons’ activities in which customers collectively sought $5,000,000.00 in damages based upon accusations including unauthorized trading, suitability, fraud, breach of contract, and misrepresentation. FINRA Arbitration No. 17-02973 (Nov. 3, 2017).
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