In our first swing at Raymond James Financial back in August, we laid out the mess – off-channel messaging on personal apps leading to a $50 million SEC settlement, anti-money-laundering screw-ups that cost $17 million in 2016, excessive commissions squeezed from small trades across states like Oregon, a 2025 data breach exposing client details including Social Security numbers, getting named as a relief defendant in SEC cases over dodgy trades, rogue brokers hammered in arbitrations for client poaching and bad behaviour, and a scatter of consent orders highlighting supervisory lapses. We also flagged their hefty stake in Cummins Inc., sitting at around 1.3 to 1.45 million shares. It painted a picture of a firm too comfortable bending rules for profit.

Fast forward, and filings show Raymond James has jacked up that Cummins position by over 150 percent in the first quarter alone, pushing past 1.45 million shares valued at roughly $475 million by mid-2025. They didn’t just hold; they hoovered – sucking up shares like there’s no consequence, deepening ties to the same soiled ecosystem they already reek of. Pissed off? Damn right. When an outfit like this doubles down on investments amid their endless parade of fines and fuck-ups, it screams entitlement – like they think shareholders and clients are mugs who’ll swallow the fines as overhead. We had to flip the stone again, and Christ, the bugs keep scurrying. This isn’t a fresh start; it’s the sequel where the villains get bolder.

Supervisory Blind Spots: The $1.9 Million Mutual Fund Fumble

Echoing those consent orders from part one, FINRA slapped Raymond James with a $1.9 million penalty in August 2024 for botching supervision of mutual fund trades and dragging their feet on reporting customer complaints. We’re talking hundreds of gripes – serious shit like alleged forgery, theft, and fund misappropriation – that sat unreported for years, some dating back to 2018. The firm dished out over $111,000 in restitution to 59 clients, but that’s peanuts next to the trust shredded. How the hell does a giant like Raymond James let complaints fester without a peep to regulators? It’s the same supervisory gaps we called out before, now with mutual funds in the crosshairs. Bloody infuriating – clients deserve better than being treated like afterthoughts.

Barred Advisor and the Elder Abuse Probe Stonewall

Building on those rogue broker tales, FINRA barred veteran advisor Meredith Archer Webber in July 2025 after she clammed up during a probe into potential misappropriation from two elderly clients. Webber, with 26 years under her belt, got sacked by Raymond James in 2024 for taking an unapproved loan from a customer – a red flag that spiraled into elder exploitation allegations. She dodged FINRA’s demands for docs and testimony, earning a lifetime industry ban without admitting guilt. This ties right into the arbitration stings from part one; it’s another advisor allegedly preying on the vulnerable while the firm plays catch-up. Outrageous – screwing over seniors who trusted you? That’s low, even for this industry.

Unauthorized Trades and Dodgy Gifts: A $15,000 Fine and Suspension

More echoes of bad broker conduct: In April 2025, FINRA fined former Raymond James broker William J. Conn $15,000 and suspended him for three months over 465 unauthorized trades in 12 client accounts from 2020 to 2021, all without written discretion approval. On top, he allegedly funneled $120,000 in undisclosed gifts to one client via bank deposits, lying about it on firm questionnaires. Conn got the boot in 2022 for policy breaches. This reeks of the same supervisory voids we hammered in part one – how do these clowns slip through? It’s enraging; clients aren’t playthings for brokers chasing commissions or playing Santa with hidden agendas.

The Jay Peak Ponzi Debacle: $150 Million Payout for Alleged Blind Eyes

Diving deeper than those SEC relief defendant mentions, Raymond James shelled out $150 million in 2017 to settle claims tied to the Jay Peak ski resort fraud – a $200 million Ponzi scheme fleecing EB-5 investors with fake Vermont projects. The firm allegedly ignored glaring red flags on fund flows through their accounts, aiding accused fraudster Ariel Quiros. No admission of wrongdoing, but the pay-out screams complicity. This amplifies the AML failures from 2016; it’s systemic negligence on steroids. Jesus, $150 million to clean up a mess they helped enable? Shareholders foot that bill while execs shrug – it’s bullshit.

Lawsuit Over Botched Advisor Firing Disclosure: Up to $100 Million at Stake

Riffing off the state squeezes for unfair practices, nearly 50 investors hit Raymond James with a $5 million lawsuit in December 2024, alleging the firm downplayed advisor Mario Payne’s 2019 firing as “performance issues” instead of flagging his alleged mis-selling of risky products to conservative clients. This let Payne start his own shop, allegedly causing more harm. The suit claims Florida securities law violations and could balloon to $100 million with more claimants. It’s a nasty extension of those excessive commission probes – failure to disclose properly, leaving clients exposed. Infuriating; transparency shouldn’t be optional.

Brokers Forced to Cough Up $500,000 in Recruitment Loan Fight

In February 2025, an arbitration panel ordered two ex-Raymond James brokers to repay over $500,000 in recruitment advances, after they claimed the firm misled them about cutting ties with their advisory outfit. The brokers argued deception during hiring, but the panel sided with Raymond James. This flips the script on those arbitration awards against advisors, showing internal squabbles boiling over. Ties into the broader pattern of operational sloppiness; when even your own recruits feel conned, what does that say? Pisses me off – recruitment as a bait-and-switch?

Multi-State Hammer: $12.4 Million for Investor Protection Lapses

Amplifying those state-level commission settlements, Raymond James paid $12.4 million in 2023 to resolve a multi-agency probe into unreasonable fees on low-value trades. Refunds topped $8.2 million to clients, with $4.2 million in penalties split among states like California ($460,000 restitution plus interest). It’s the same profit-over-fairness vibe from part one’s excessive commissions. How many times do they need slapping before it sticks? Bloody exhausting.

$15 Million Class Action for Hidden Fees

In 2019, Raymond James settled a federal class action for $15 million over undisclosed “processing fees” on securities trades – fees clients allege were just disguised commissions. This dovetails with the investor protection issues, showing a history of nickel-and-diming. No wonder trust erodes; it’s predatory.

Dual Regulator Fines in 2019: $8 Million FINRA, $6.8 Million SEC

That same year, FINRA dinged them $8 million for supervisory failures, while the SEC added $6.8 million for improper advisory fees on inactive accounts. More echoes of reporting and oversight gaps. Combined, it’s over $14 million in one year for basically the same crap.

Michigan Wage Violation: $29,361 Penalty

In 2020, Michigan’s labour department fined Raymond James $29,361 for wage and hour breaches. Small beer compared to others, but it highlights sloppiness bleeding into employee treatment. Ties into the institutional pattern – corners cut everywhere.

Scattered State Penalties: 2022-2024 Roundup

From 2022 to 2024, more hits: $500,000 from SEC in 2022 for investor issues, $50,000 from South Carolina SEC, $150,000 from Missouri SEC in 2023, and $211,000 from Arizona Corporation Commission in 2024. All for similar protection violations. It’s the drip-drip we warned about, now quantified.

The pattern sharpens: Raymond James isn’t learning; they’re escalating bets like Cummins while fines pile up. Clients get shafted, regulators tap wrists, and shareholders pay. Enough’s enough – this firm’s arrogance is an industry cancer. Demand better, or watch your portfolio bleed.

Lee Thompson – Founder, The Cummins Accountability Project

Shareholder Spotlight : Raymond James (Part Two) – Hoarder of CMI and Scandal