Former Raymond James & Associates, Inc. Broker E Kyle Davis UIT Losses?
Posted on Tuesday, March 3rd, 2020 at 10:31 am
Were you the victim of former Raymond James & Associates, Inc. broker E Kyle Davis (CRD# 2995789)? Davis has been registered with Ameriprise Financial Services, LLC in Atlanta, Georgia since January 2019. Previously, Davis was registered with Raymond James & Associates, Inc. in Atlanta, Georgia from 2013 to 2019.
Dating back to December 2007, the state of Illinois sanctioned Davis to a $1,500 monetary fine after allegations regarding, “Customer complaints led to AWC with NASD, based on Illinois statutory 8.E(1)(j) respondent entered into consent to withdraw.” Additionally, in April 2007, NASD suspended Davis and sanctioned him to a $7,500 fine after allegations regarding,” NASD rule 2110 and interpretive material 2310-2: Davis executed securities transactions in the account of a customer without customer’s prior knowledge,
Davis has been the subject of four customer complaints between 2005 and 2019, according to his CRD report. Two additional complaints from 2007 were settled. The most recent complaint is regarding:
December 2019. “Breach of Fiduciary Duty, Negligence, Negligent supervision, Fraud, Breach of Contract, Breach of Contract – Third Party Beneficiary, and violation of Section 10(b) of the Securities Exchange Act. 10/4/2012 – 10/31/2019.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint is regarding unit investment trusts (UITs) and took place while Davis was registered with Raymond James & Associates, Inc.
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 Davis’ customers.
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.