Erez Law recently filed a FINRA arbitration claim against Raymond James & Associates, Inc. on behalf of a retired couple that suffered losses due to investments in securities sold to them by Raymond James & Associates, Inc. in Biscayne Capital BVI and/or Biscayne Capital related companies.
The Erez Law clients allege the following in the newly filed FINRA claim:
The couple entrusted Edith Hinojosa with their irreplaceable retirement savings, and they informed her that they were not interested in high-risk investments. Regrettably, despite their stated aversion to high-risk investments, Hinojosa sold the couple fraudulent notes, which were part of a Ponzi scheme commonly referred to as “Biscayne Capital.” The Biscayne Capital Ponzi scheme targeted Latin American investors and was recently the subject of several criminal prosecutions and regulatory actions.
The claim alleges that Raymond James & Associates, Inc. entered into a relationship with Biscayne Capital BVI and/or the Biscayne Capital related companies and served as the brokerage firm for the Biscayne Companies’ offshore customers. Biscayne Capital BVI and/or the Biscayne Capital related companies had a network of salespeople acting as financial advisors including Edith Hinojosa, who lacked any U.S. securities licenses, as well as her daughter, Alexandra Meza. It is alleged that Raymond James & Associates, Inc. prominently displayed Hinojosa as a financial advisor, despite her lack of any credentials, training, license and/or registration.
According to the claim, Raymond James & Associates, Inc. terminated the relationship with Biscayne Capital BVI and/or the Biscayne Capital related companies in 2016. Raymond James & Associates, Inc. made a business decision to have a relationship with an offshore non-FINRA member and now it must be held accountable for its decision and the damages it caused to the Erez Law client.
It is alleged that Raymond James failed to perform adequate due diligence on Biscayne Capital BVI and/or the Biscayne Companies.
By acting as the claimants’ broker-dealer and other related actions, Raymond James & Associates, Inc. owed their customers certain duties and legal obligations. The claimant has alleged that Raymond James & Associates, Inc. violated those duties, amongst other things, and is legally liable for the claimants’ losses.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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