Raymond James Financial will pay $2.75 million to a brokerage firm regulator for poor supervision of its more than 1,100 branch managers who manage their own offices.
NASD announced the fine this week, with the regulator also permanently barring Donna Vogt, who ran an office out of her home in Campbellsport, Wis., for allegedly urging retirees to buy unsuitable mutual funds and variable annuities, and disregarding age, risk tolerance and investment needs in advising clients. Vogt was terminated in June 2003 after Raymond James discovered that she was failing to follow firm policies. Shortly after, the firm paid $10.2 million to settle claims from 57 of her clients.
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