NASD Fines Raymond James $750K: The NASD has censured and fined Raymond James & Associates Inc. and Raymond James Financial Services Inc. $750,000 for violations related to the firms' fee-based brokerage business.As part of the settlement, the firms will also pay restitution to 190 customers totaling $138,000. The firms neither admitted nor denied the charges.
The regulator, formerly known as the National Association of Securities Dealers, said that the firms recommended and opened fee-based brokerage accounts for customers without first determining whether they were appropriate; never monitored the accounts for inactivity; and improperly allowed some fee-based accounts to stay open, violating NASD rules.
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