Securities Arbitration Lawyers BlogSouth Florida Raymond James Broker Victor T. Connor Under Investigation After Customer Brings $300,000 Complaint Alleging Unsuitability
Silver Law Group is investigating Wellington, Florida-based Raymond James Financial Services, Inc. (“Raymond James”) broker Victor T. Connor (CRD# 843521).
According to Connor’s FINRA BrokerCheck report, in September 2017, a Raymond James customer brought a FINRA arbitration alleging unsuitable recommendations, negligent misrepresentation, breach of contract, negligence, and failure to supervise. The complaint alleges approximately $325,000 in damages.
Victor T. Connor’s History in the Industry
Connor, who operates under the moniker Connor Financial Group, has been in the securities industry for 40 years. Raymond James has employed Connor since 2003. In addition to the FINRA arbitration complaint discussed above, Connor has three (3) other disclosures on his FINRA BrokerCheck report.
Notably, in 1991 a customer complaint alleging the unsuitable sale of securities settled. Another FINRA arbitration complaint is currently pending against Connor. The complaint alleges broker misconduct related to variable annuities.
FINRA Rule 2111: Suitability
FINRA implemented Rule 2111 to deal with the issue of suitability. According to the rule, brokers and brokerage firms must “have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer” based on the customer’s investment profile. The customer’s investment profile is comprised of numerous factors, including tax status, investment objectives, age, investment experience, risk tolerance, etc.
According to FINRA, unsuitable recommendations is one of the top rule violations. It is an issue that occurs frequently. Investors should be vigilant and ask their brokers questions concerning the investment to make sure they are fully informed about the investment’s risks and characteristics.
Contact Our Firm if You’ve Invested with Victor T. Connor and Raymond James Financial Services
Our firm has a wealth of experience representing investors who have suffered losses at the hands of brokers and brokerage firms. We combine that experience with an ardent passion for pursuing claims against broker and brokerage firm misconduct.
If you have invested with Victor T. Connor and have suffered losses, contact our firm to discuss your options.
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.