Were you the victim of former Raymond James & Associates, Inc. financial advisor James Lyons (CRD# 1020397)? Lyons has been registered with Raymond James & Associates, Inc. in Shreveport, Louisiana from 2013 to May 2017, when he was terminated regarding, “Financial Advisor was terminated due to customer allegation of unauthorized trading.”
In June 2018, FINRA barred Lyons after he consented to the sanction and to the entry of findings that he refused to appear for on-the-record testimony requested by FINRA in connection with its investigation.
Lyons has been the subject of six customer complaints between 2009 and 2017, two of which were denied and one was closed without action, according to his CRD report:
- November 2017. “Multi-claimants allege Violations of FINRA and Industry Standard Rules; Breach of Contract; Breach of Federal and State Laws; Fraudulent and/or Negligent Representation; Fraudulent Concealment; Unauthorized Trading; Overconcentration and Suitability. The date of activity is: 2001 – 2017.” The customer is seeking $5 million in damages and the case is currently pending.
- April 2016. “Breach of Duties; Churning; Fraudulent Omissions; Federal Securities Law Violations; Louisiana Securities Law Violation; Unauthorized Trading; Suitability: Activity dates 2/17/2011 – 4/29/2016.” The customer sought $1.2 million in damages and the case was settled for $400,000.
- October 2011. “Claim alleges unsuitability, misrepresentation and unauthorized trading with regard to mutual funds, stock and unit investment trusts purchased in 2006 and 2007.” The case was settled for $152,000.
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 Lyons’ 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.
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