A former financial advisor for Raymond James has been barred by the Financial Industry Regulatory Authority over violations of FINRA rules, Think Advisor reports.
The disciplinary action against Meredith Archer Webber stems from an investigation into whether she misappropriated funds from two elderly clients. FINRA’s order states that Raymond James submitted a form in July 2024 reporting that it had terminated Webber’s registration with the firm for “accepting a loan from a customer without seeking firm approval.”
An amended form filed the following month by Raymond James said that the firm was conducting an internal review into Webber’s “potential misappropriation of client assets.”
FINRA states that Webber “failed to respond to requests for documents and information that FINRA made pursuant to FINRA Rule 8210 and failed to provide on-the-record testimony that FINRA requested pursuant to FINRA Rule 8210 as part of FINRA’s investigation” into the possible misappropriation of funds.
As a result, Webber has been barred from associating in any capacity with any FINRA member. Without admitting or denying the allegations, Webber consented to the penalty and the entry of FINRA’s findings.
FINRA Rule 8210(a)(1) provides that for the purpose of an investigation, complaint, examination, or proceeding authorized by the FINRA By-Laws or rules, FINRA staff shall have the right to require any person subject to FINRA’s jurisdiction to “provide information orally, in writing, or electronically… with respect to any matter involved in the investigation, complaint, examination, or proceeding.”
FINRA Rule 8210(a)(2) provides that FINRA may “inspect and copy the books, records, and accounts of such member or person with respect to any matter involved in the investigation, complaint, examination, or proceeding that is in such member’s or person’s possession, custody, or control.”
A violation of FINRA Rule 8210 also constitutes a violation of FINRA Rule 2010, which requires members to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of their business.
Raymond James representatives did not immediately respond to an email seeking comment prior to publication of the report by AdvisorHub.
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