Allegations of unauthorized trading surround Lyon’s discharge from member firm
After 34 years in the securities industry, former Raymond James & Associates broker James Edward Lyons is no longer registered with the Financial Industry Regulatory Authority (FINRA). According to his FINRA BrokerCheck report, Raymond James & Associates discharged Lyons in April 2017 due to allegations of unauthorized trading.
Unauthorized trading occurs when a broker purchases or sells securities in a non-discretionary customer account without prior customer authorization, and it is a FINRA sales practice violation. It occurs in accounts in which a customer has not received prior written discretionary authority from the customer to make transactions in the account.
In addition, previous customer disputes against the Louisiana-based broker include allegations of:
In these cases, two customer disputes were settled with settlement amounts in excess of $500,000, while two customer disputes are pending with requested damages in excess of $800,000.
Prior to his employment with Raymond James & Associates from February 2013 to April 2017, James Lyons was employed by:
- Morgan Keegan & Company, Inc. in Shreveport, LA from August 1993 to February 2013
- Capitol Securities Group, Inc. from May 1983 to August 1993
If you believe that you have lost money at the hands of a professional financial advisor or broker who may have violated FINRA rules, contact the Silver Law Group. We have extensive experience in helping investors pursue remedies for harm suffered as a result of unethical behavior, including through FINRA arbitration.
We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Contact us today to discuss your options. Silver Law Group works on contingency, which means you won’t owe us anything unless we recover lost funds.