A Financial Industry Regulatory Authority (FINRA) arbitration panel announced Thursday it has ordered Raymond James and a former Wells Fargo advisor to pay Wells Fargo Advisors nearly $20 million.
According to Think Advisor, Raymond James and the former advisor, Jackson Rhoades, are jointly and severely liable to pay Wells Fargo Advisors $15.3 million in compensatory damages. Rhoades must also pay $3.5 million in attorneys’ fees and another $847,000 in other costs.
Raymond James is also required to pay $1 million in punitive damages.
KTLO, Classic Hits and The Boot News reached out to Rhoades where he spoke with KTLO’s Heather Loftis.
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The team joined Raymond James in late 2018 with six advisors – Rhoades, Jan Schmeski, Mike Stockton, Steve Bettenhausen, David Matty and Logan Stone – six other staff members and some $560 million in assets.
Wells Fargo spokesperson Jackie Knolhoff said in a statement they were “pleased with the outcome and appreciates the arbitration panel’s recognition of the damages caused by this conduct.”
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