Raymond James Financial
When the auction-rate securities market collapsed in February 2008, investors suddenly found themselves unable to sell securities that had once been touted as the equivalent of cash. Under pressure from state and federal regulators, a number of investment and brokerage firms announced plans to repurchase the illiquid auction rate securities from their clients. Raymond James Financial, however, did not.
Clients of Raymond James currently own about $1 billion in outstanding auction-rate bonds and auction rate preferred securities. To date, the St. Petersburg based financial services firm has offered no resolution for clients regarding their illiquid auction-rate securities. Instead, on Jan. 2, Thomas James, chairman and chief executive officer of Raymond James, distributed a letter in which he “apologized” for investors' dilemma but said the company could not repurchase the securities because it didn't have enough capital on hand.
If you are an individual or institutional investor and have concerns or questions about investments related to Raymond James Financial, contact Mark Maddox. We can evaluate your situation to determine if you have a claim.