Raymond James broker sentenced to four years for theft. Gotta give Bernie Madoff some credit, because prosecutors are finally focusing on stock broker crime. Now, this jerk actually stole money from his clients’ accounts, which is an easier case to make than the ones I pursued, involving churning accounts to generate commissions or putting clients into wildly inappropriate investments, but twenty years ago, I couldn’t begin to stir our Attorney General’s (hey, he’s our Senator now!) interest. These days, I suspect I’d do better.
By the way, Raymond James is, on the whole, a most excellent organization. They had a bad egg, they made good their clients’ losses (as required by law) and I have found them to be, with very, very rare exceptions, a really good firm. I have no business relationship with them, nor do I have an account there, but they’re pretty good folk.