Erez Law is currently investigating Raymond James & Associates, Inc. broker Raymond Sardina (CRD# 3068885) regarding investment losses related to structured products. He has been registered with Raymond James & Associates, Inc. in Coral Gables, Florida since 2007.
According to public records, a former client recently filed a FINRA arbitration against Raymond James & Associates, Inc. and Raymond Sardina for $1.5 million. The causes of action included breach of fiduciary duty, negligence, and negligent supervision.
The client sought investments for long-term growth and a conservative investment portfolio. However, it is alleged that he instead invested the client’s life savings in speculative high-risk investments including Equity-Linked Securities, including Tesla, Docusign, and Catalyst Biosciences. Public records indicate that Raymond Sardina recommended these structured products, which were linked to biotech and energy stocks, as guaranteed.
It is alleged that he invested on margin and at high rates of nearly 10%. The investments have lost about half of their value as of January 2023.
In March 2015, FINRA suspended him for one month. According to the Acceptance, Waiver, & Consent, he borrowed $10,000 from an individual, who was a close friend and customer of Raymond James & Associates, Inc. According to FINRA, he repaid the loan when the individual was yet a customer of the firm. “Sardina neither notified the firm that he had received the loan nor obtained its approval to do so. The findings stated that Sardina falsely represented on the firm’s annual compliance questionnaire that he had not received a loan from any firm customer. In fact, Sardina had taken the loan from the customer, and the loan was still outstanding,” according to FINRA.
In March 2022, the State of Florida Department of Financial Services sanctioned him to pay a $250 civil and administrative penalty and fine related to his untimely completion of continuing education.
Raymond Sardina Investment Loss Options
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 Raymond Sardina’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you 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.