FINRA Bans Former Raymond James Executive for Falsifying Data
FINRA has banned a former Raymond James & Associates Inc. compliance executive found guilty of manipulating and falsifying branch audit data.
In 2016, the executive, Vincent Storms, falsified data in a bid to avoid performing follow-up work. Further, it was found that he caused the firm to make and preserve false and inaccurate books and records by falsifying data after he exported it. FINRA has now issued a default decision in which it was decided that Storms’ actions “demonstrate that he lacks the fitness to serve as a securities professional.”
The decision, which comes in place of a settlement, was made after Storms failed to respond to FINRA’s initial decision.