GREER, SOUTH CAROLINA
FINRA (the Financial Industry Regulatory Authority) recently suspended a former Raymond James financial advisor for engaging in short-term trading of unit investment trusts (or UITs). Our law firm is looking into allegations made by FINRA against advisor Lynn Faust. After FINRA looked into Faust’s trading of UITs from January 2013 to December 2017, it found that she engaged in this type of trading on about 4,500 occasions.
To settle these allegations, Lynn Faust agreed to a three month suspension from the securities brokerage industry, and a $5,000 fine.
While Faust may have liability for these sales, Raymond James may also have liability if it failed to reasonably supervise her activities. Faust was registered with Raymond James from 1988 to November 2018. She has since worked with Stifel Nicolaus. She worked in a Greer, South Carolina office.
Click to view: Faust, Lynn BrokerCheck 2.7.22
Click to view: Faust, Lynn FINRA AWC