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Former Raymond James & Associates, Inc. Client Wins FINRA Arbitration for $255,000 for Losses Sustained from Unsuitable Investments in MLPs

Posted on Thursday, March 1st, 2018 at 8:33 am    

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In February 2018, a former client of Raymond James & Associates, Inc. won an award in a FINRA arbitration for $229,250.00 in compensatory damages plus 3% interest per annum plus $25,000.00 in attorneys’ fees for losses sustained from investments in unsuitable master-limited partnerships (MLPs). The investors were clients of financial advisor Lewis Rogers (CRD# 402843).

The causes of action included violation of FINRA Rule 2010, breach of fiduciary duty, negligence, failure to supervise, unsuitability, misrepresentation, violation of the Florida Securities and Investor Protection Act, Fla. Stat. § 517.301, and breach of contract. The claimants alleged that Lewis made inappropriate investments and a significant portion of their losses came from investments in MLPs, especially so-called “upstream” MLPs, which were contrary to their investment objectives. The claimants further alleged Lewis acquired a disproportionately large amount of MLPs in the claimants’ portfolio and did not disclose its conflict of interest as a major underwriter in at least two of the MLPs. The FINRA arbitration hearing was conducted in Houston, Texas.

Lewis has been registered with Raymond James & Associates, Inc. in Dallas, Texas since 2013.

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 Lewis’ 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.