Broker Investigation: Lynn Faust

Lynn Faust (CRD#: 729012) is a registered broker and investment advisor. She is currently associated with Stifel, Nicolaus & Company, based at a branch office in Greer, South Carolina. Previously, Ms. Faust served as a securities representative for Raymond James & Associates.

On October 17th, 2018, Raymond James terminated Lynn Faust after concerns arose regarding this broker’s activity in UITs. Here, our FINRA arbitration lawyers review the allegations against this broker.

Discharged Broker: Lynn Faust Formerly of Raymond James & Associates

According to information contained in her BrokerCheck report, Lynn Faust was terminated by her former brokerage firm — Raymond James & Associates — after concerns were raised related to her activity in unit investment trusts (UITs). This is notable because Ms. Faust is far from the only broker who has recently been discharged by Raymond James for UIT-related activity.

Last month, Advisorhub reported that Raymond James & Associates discharged several brokers across the country after the firm launched a large internal review of representative practices related to UITs. This action by Raymond James came not long after an announcement by FINRA in which the regulatory agency stated that it was undertaking a nationwide ‘sweep’ to determine if brokers and brokerage firms were improperly ‘churning’ or performing early rollovers of UITs in order to generate excess, ill-gotten commissions.

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