UPDATED: According to records publicly released by FINRA, a panel of arbitrators has awarded $3.2 million a group of 27 Raymond James & Associates customers who alleged unauthorized trading in oil and gas ventures by its former financial advisor James Lyons. James Lyons has been barred by FINRA from acting as a broker or otherwise associating with a broker-dealer firm.
According to the award, between February 2013 and November 2017, James Lyons allegedly invested the Claimants in oil and gas Master Limited Partnerships (“MLPs”) and Unit Investment Trusts, including, but not limited to, Linn Energy, Memorial Production Partners, Calumet Partners, and Cushing MLP Funds, without their approval. The Claimants portfolios were allegedly over concentrated with approximately 80% invested in oil and gas MLPs, and when oil prices took a dive in 2014, so did the value of the portfolios.
The arbitration panel reportedly awarded approximately $3.2 million, plus interest, to the 27 customers (primarily in compensatory damages). The Claimants reportedly had asked for $8.9 million.
Galvin Legal is launching an investigation on behalf of investors who may have suffered losses investing with James Lyons. If you suffered losses investing with James Lyons, then Galvin Legal may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
James Lyons (CRD# 1020397)
As of November 6, 2019, James Lyons’s FINRA BrokerCheck Report contains the following:
8 Customer Dispute(s)
1 Regulatory Event(s)
1 Employment Separation After Allegations
Current and Previous Registrations
02/13/2013 – 05/22/2017 RAYMOND JAMES & ASSOCIATES, INC. (CRD#:705) SHREVEPORT, LA
08/02/1993 – 02/13/2013 MORGAN KEEGAN & COMPANY, INC. (CRD#:4161) (Acquired by Raymond James & Associates, Inc. (CRD#:705) SHREVEPORT, LA
05/17/1983 – 08/02/1993 CAPITOL SECURITIES GROUP, INC. (CRD#:8094)
FINRA requires brokerage firms to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. Brokerage firms that fail to conduct adequate due diligence or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
Galvin Legal is a national securities arbitration, mediation, fraud, and investor protection law practice. For more information on Galvin Legal, please visit www.galvinlegal.com or call 1-800-405-5117.