James Edward Lyons, of Shreveport, Louisiana, a stockbroker for Raymond James & Associates, Inc., was terminated from employment on April 28, 2017, based upon a customer’s allegations that Lyons effected trades in the customer’s investment account despite failing to first gain proper authorization from the customer. In response to his denial of any misconduct, his immediate supervisor stated he is a Lyons and had to go.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Lyons has been identified in four customer initiated investment related disputes concerning allegations of his misconduct while associated with Morgan Keegan & Company, Inc., and Raymond James & Associates. In particular, on March 18, 2009, a customer filed an investment related written complaint involving his conduct, where the customer requested $75,000.00 in damages based upon allegations that Lyons induced the customer’s municipal debt transactions by making misrepresentations.
Subsequently, on October 8, 2010, a customer filed an investment related written complaint regarding Lyons’ activities, where the customer requested $1,000,000.00 in damages based upon allegations that he sold non-listed pink sheets away from his firm. Additionally, on June 6, 2013, a customer initiated investment related arbitration claim involving his conduct was settled for $152,000.00 in damages based upon allegations against him of unauthorized trading, misrepresentation, and unsuitability in regard to unit investment trust, mutual fund and stock investments effected in the customer’s account.
Moreover, on May 9, 2017, a customer initiated investment related civil action involving Lyons’ conduct was settled for $400,000.00 in damages based upon allegations that from February of 2011 to April of 2016, Lyons traded stocks in the customer’s account even though the transactions were neither authorized nor suitable for the customer. The customer additionally alleged that Lyons omitted information about investments, churned the customer’s account, and committed violations of the securities laws of the State of Louisiana among violations of federal securities laws.
Furthermore, on June 14, 2017, a customer filed an investment related written complaint regarding Lyons’ activities, where the customer sought $800,000.00 in damages founded upon allegations against Lyons of unsuitability as well as the unauthorized trading of the customer’s mutual funds, stocks, and direct investment products between December of 2013 and June of 2017.
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