April 14, 2021
Failure to Supervise
Following a cease-and-desist order and $100,000 civil penalty against former Raymond James Financial Services broker Gary Dodds on January 9, 2021, the Oregon Division of Financial Regulation recently issued a $120,000 civil penalty against Raymond James for failing to supervise Dodds and prevent this alleged fraudulent activity.
Dodds allegedly made unsuitable recommendations for his clients and failed to maintain appropriate records and documents related to his securities business. The Division of Financial Regulation learned that Raymond James was aware of Dodds’ misconduct but failed to take adequate steps to stop further alleged fraudulent activity.
If a broker was not properly supervised while registered at a brokerage firm, the firm can be held liable for the broker’s misconduct. Raymond James has agreed to pay the $120,000 civil penalty and $123,279 in restitution to five Bend, Oregon senior residents.
Did you invest at the advice of Gary Dodds? If so, you may be able to recover from him or Raymond James. Since 1998, the attorneys at ChapmanAlbin have been representing victims of investment fraud and broker misconduct. Call us at 1-877-410-8172 today for a free, no obligation consultation.