Raymond James Terminated Broker, Robert Clayson, For Alleged Excessive Trading In A Customer Account
Robert Clayson is a former Financial Advisor at Raymond James in Wellesley Hills, MA. Robert Clayson has been in the securities industry since 1971 and previously worked at Wells Fargo.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 15, 2018, Robert Clayson was discharged from Raymond James for allegedly engaging in excessive trading:
“Client alleged excessive trading in a commissioned brokerage account negatively impacted the performance of the account. Allegation dates 6/30/14-2/9/17.”
This employment termination followed a customer complaint that was received by a customer in November 2017, alleging the same misconduct described above. The matter was settled for $43,495.
For a copy of the Robert Clayson’s CRD, click https://brokercheck.finra.org/individual/summary/601753#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
One component of suitability is quantitative suitability, which requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
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