Former Raymond James Adviser Busted for Stealing $1 Million

An independent contractor with Raymond James Financial Services, Jo Ellen Fisher, has been barred from serving as an investment adviser after allegedly stealing $924,750 from a 95-year-old client to fund personal expenses.

In a settlement posted on its website, the Financial Industry Regulatory Authority, Inc. (FINRA), which barred Ms. Fisher, said the illegal transfer of funds took place between July and December of last year. Without her client’s authorization, she transferred securities and funds into a brokerage account under the name of her daughter.

What did Ms. Fisher do with the money? According to FINRA, she bought a 2014 Ford Explorer, three cars, a 2-carat diamond solitaire ring, a pearl necklace, two Rolex watches, a mortgage and home repairs.

For her part, Ms. Fisher held that her client was her daughter’s godfather and that he wanted the young woman to have the funds when she turned 21. According to FINRA, Ms. Fisher even provided a falsified ‘godparent’s certificate’ to the firm and FINRA. But FINRA accused her of falsifying documents to that effect.

Ms. Fisher’s registration with Raymond James was terminated on May 30, and the company filed a separate action in federal court. The suit seeks to recoup from Ms. Fisher the money it had reimbursed the client.

Located in Logansport, Ind., Starr Austen & Miller LLP has a team of investment fraud lawyers who handle diverse securities fraud cases.

Source: Investment News