Former Raymond James Broker Subject to $4.8 Million Complaint

Silver Law Group is investigating former Raymond James & Associates, Inc. (CRD# 705) broker John Nelson Crook (CRD# 2715424) after a customer filed a FINRA arbitration alleging $4.8 million in damages.

According to Crook’s FINRA BrokerCheck report, Crook’s customer filed a FINRA arbitration against Crook alleging churning/excessive trading and commissions; unauthorized trading; unsuitability; breach of fiduciary duty; fraud/intentional misrepresentation and omission; negligence/gross negligence; breach of contract; and violations of Georgia Blue Sky Law. The FINRA arbitration alleges damages in the amount of $4.8 million.

Prior to the filing of the FINRA arbitration, Crook was discharged by Raymond James due to “loss of confidence” in Crook. According to Crook’s BrokerCheck report, Crook was terminated because he did not respond candidly to a supervisory review of Crook’s trading activity in a customer’s account and did not provide plausible explanations for said trading activity.

Crook, who is now employed by Prospera Financial Services, Inc. (CRD# 10740) in Dallas, Texas, was based out of Georgia while at Raymond James. He has been employed by Prospera Financial Services since August 2015. Raymond James employed Crook from February 2013 to August 2015 when he was terminated.

Among other basic tenets, brokers are required to recommend suitable investments to their customers. This requires that the broker: Investigates and conducts due diligence into the investment’s attributes including its benefits, risks, tax consequences, and other relevant factors to form a reasonable basis for the recommendation of the product; and appropriately matches the investment with the customer’s specific investment needs and objectives, such as the customer’s retirement status, long or short-term goals, age, disability, income needs, or any other relevant factor.

When a broker or brokerage firm fails to recommend investments to its customers along those guidelines, there has to be accountability. If you have lost money on an investment that did not fit your investment profile, you may be able to recover some or all of your lost money.

FINRA arbitration is a fast, efficient way to recover your lost investment funds due to unauthorized trading. We work on a contingency fee basis, meaning you pay us nothing unless we win and recover money for you.

If you have invested with John Nelson Crook and Raymond James & Associates or Prospera Financial Services and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.

Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at ssilver@silverlaw.com or toll free at (800) 975-4345.