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Robert Jeffrey Scherzer, of New York, New York, a stockbroker formerly registered with Raymond James Financial Services, Inc., has been fined $5,000.00 and suspended for three months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he sold away from his firm. Letter of Acceptance, Waiver and Consent, No. 2015047648401 (Oct. 5, 2017).
According to the AWC, from February of 2015 to August of 2015, during the time that Scherzer was employed with Raymond James, he facilitated private securities transactions involving a start-up company’s private placement offering. Apparently, five investors contributed a total of $400,000.00 in the company with Scherzer’s help.
The AWC stated that Scherzer never attempted to obtain the firm’s permission prior to engaging in the private securities transactions. Evidently, he never informed Raymond James about what the transactions entailed, as well as his involvement in those transactions. Consequently, FINRA found that Scherzer sold away from his firm in violation of FINRA Rules 2010 and 3040.
Scherzer’s registration with Raymond James Financial Services, Inc. was terminated on November 3, 2015.
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