Former Raymond James & Associates Financial Advisor Paul McLellan Alexander Jr.
Posted on Tuesday, May 9th, 2017 at 4:00 pm
Erez Law is currently investigating former Raymond James & Associates financial advisor Paul McLellan Alexander Jr. (CRD# 4285605) regarding use of discretion and unauthorized trading in customer accounts. Alexander was registered with Raymond James & Associates in Palm Beach Gardens, Florida from 2009 to 2015, when he was permitted to resign after he admitted to the firm that he had taken time and price discretion for clients. He is currently not registered with any brokerage firm.
In November 2016, “Alexander consented to the sanctions and to the entry of findings that in contravention of his member firm’s policies and procedures, he effected transactions while exercising discretion without prior written authorization in customer accounts and without his employing firm accepting the accounts as discretionary.” Alexander was ordered to pay civil and administrative penalties/fines in the amount of $5,000 and suspended for 20 business days, according to the Acceptance, Waiver & Consent (AWC) form.
Alexander has been the subject of five customer complaints between 2013 and 2015, according to his CRD report:
September 2015. “Unauthorized trading. Activity dates 5/7/12 to 1/30/13.” The customer sought $244,000 in damages and the case was settled for $95,000.
December 2014. “Negligence, breach of contract, breach of fiduciary duty, respondeat superior, violation of FINRA conduct rules, unsuitability, misrepresentation/omissions. Activity dates 05/2009 through 03/2013.” The customer is seeking $60,000 in damages and the case is currently pending.
December 2014. “Negligence, breach of contract, breach of fiduciary duty, respondeat superior, violation of finra conduct rules, unsuitability, misrepresentation/omissions. Activity dates 5/2009 through 3/2013.” The customer sought $60,000 in damages and the case was settled for $36,000.
March 2014. “Unsuitable investments, unsuitable concentration, excessive trading, unauthorized discretion, fraud, breach of fiduciary duty, common law fraud, violations of the north carolina securities act. Activity dates: 05/2009-08/2013.” The customer sought $400,000 in damages and the case was settled for $250,000.
July 2013. “Unsuitable investments and strategy, breach of regulatory requirements, breach of fiduciary duty, negligence and gross negligence, unauthorized trading, and violations of law. Activity date: June 2010.” The customer sought $150,000 in damages and the case was settled for $57,500.
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 may be liable for investment or other losses suffered by Alexander’s customers.
Erez Law represents investors in the United States for claims against former Raymond James & Associates financial advisor Paul McLellan Alexander Jr., who is alleged to use discretion in customer accounts. If you were a client of former Raymond James & Associates financial advisor Paul McLellan Alexander Jr. or another firm, 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.