Raymond James & Associates, Inc. broker Maria Hendershot (CRD# 818681) is accused of sector concentration leading to investor losses. Hendershot has been registered with Raymond James & Associates, Inc. in Houston, Texas since 2006.
Raymond James & Associates, Inc. has been the subject of five customer complaints between 1994 and 2019, according to her CRD report. Recent complaints are regarding:
- August 2019. “Unsuitable Investments, Misrepresentations and Omissions, Overconcentation, Violation of FINRA Rule 2210, Negligence, Respondeat Superior.” The customer is seeking $175,000 in damages and the case is currently pending. This case is regarding sector concentration and direct investments.
- November 2018. “Breach of Contract and Warranties, Promissory Estoppel, Violation of Provisions of The Texas State Securities Statutes, Ann. Tx Civil Statutes Art. 581-33, Violation of Fraud Statutes of Texas Bc. Code Ann. § 27.01, Violation Of The Texas Deceptive Trade Practices Act Bc. Code Ann. § 17.46 and Tex Bc. Code Ann. § 17.50, Breach of Fiduciary Duty & Vicarious Liability. Activity Dates 01/15/2015 – 09/12/2016.” The customer is seeking $500,000 in damages and the case is currently pending. This case is regarding common and preferred stocks and sector concentration.
- October 2017. “Activity period 06/30/2014 – 07/31/2015 Claimant alleges: Gross mismanagement of accounts, investor abuse, churning, breach of fiduciary duty, negligence, violation of industry rules.” The customer sought $100,000 and the case was settled for $75,000 in damages. This case was regarding direct investments, sector concentration, and common and preferred stocks.
- January 2016. “Suitability, Over-concentration, Breach of Fiduciary Duty, Texas Securities Act Claim; Fraud by Misrepresentation and Omission, Negligent Misrepresentation. Dates 2/3/2006 through 12/31/2015.” The customer sought $1.5 million and the case was settled for $285,000. This case was regarding equity OTC, common and preferred stocks, and limited partnerships.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James & Associates, Inc. may be liable for investment or other losses suffered by Hendershots’ customers.
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