FINRA Penalizes Ex-Raymond James Advisor for Document Alterations

Posted on April 12th, 2024 at 11:32 AM
FINRA Penalizes Ex-Raymond James Advisor for Document Alterations

From the desk of Jim Eccleston at Eccleston Law 

A former Raymond James financial advisor faced a $5,000 fine and a four-month suspension from the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying 25 documents, as per a settlement letter released recently.

Emily J. Smith, who has eight years of industry experience and is currently unregistered, was found to have improperly reused customer signature pages and altered customer-signed documents throughout 2022, as reported by AdvisorHub

In 18 instances, Smith allegedly added account numbers, dates, and policy names to documents after they were signed. Despite no customer complaints on her BrokerCheck profile and her purported intent to expedite client processes, these actions led to book and record discrepancies for Raymond James, violating FINRA's Rule 2010 on maintaining high standards.

This marks the fourth time that Smith has faced scrutiny for document alterations. FINRA had previously cautioned her against such actions, citing violations of FINRA Rule 2010. Additionally, in 2019, Smith voluntarily resigned from Morgan Stanley amid allegations of document alterations and additions.

As per the settlement letter, Smith accepted FINRA's disciplinary measures without admitting or denying the allegations.

 

Eccleston Law LLC represents investors and financial advisors nationwide in securities, employment, transition, regulatory, and disciplinary matters.

Tags: eccleston, eccleston law, finra

Return to Archive

TESTIMONIALS

Previous
Next

Thank You from the bottom of our hearts for all you have done for us. When we realized this was a very bad investment - we did not know where to turn for help. Then we received your name. When we called you - you were so kind to us and then agreed to help us. For this we are so very grateful. The world would be a much nicer place if there were more people like the two of you in it. We will always remember all the help and kindness you have shown us. Thank you so very very much for everything.

Wayne and Judy S.

LATEST NEWS AND ARTICLES

March 14, 2025
Apex Clearing to Pay $3.2 Million in FINRA Settlement Over Securities Lending Violations

Apex Clearing, the clearing arm of Apex Fintech Solutions, has agreed to pay $3.2 million to settle FINRA allegations that it failed to ensure customers received compensation for lending their securities.

March 13, 2025
Congress Considers Expanding the Accredited Investor Definition

A recent congressional hearing examined potential reforms to the accredited investor definition, a critical threshold determining who can participate in private market investments.

March 12, 2025
GPB Capital Investors May Receive Some Compensation Under Proposed Distribution Plan

GPB Capital Holdings investors have not received returns on their investments since 2018. According to InvestmentNews, after years of litigation, a court-appointed receiver has submitted a plan to return funds to the 17,000 investors who purchased $1.8 billion in GPB limited partnerships.