Raymond James & Associates, Inc., Sued for Biscayne Capital-Related Losses

A retired customer allegedly suffered losses due to investments sold to him by Raymond James & Associates in Biscayne Capital.

The Sonn Law Group is investigating allegations that Raymond James & Associates committed misconduct. If you or a family member has suffered losses investing, we want to discuss your case. Please contact us  today for a free review of your case.

A FINRA arbitration claim was recently filed against Raymond James & Associates (“Raymond James”) on behalf of an elderly customer. The customer claims to have suffered losses due to investments in securities that were sold to him by Raymond James in Biscayne Capital BVI and/or Biscayne Capital related companies (“Biscayne”).

[ Related: Biscayne Capital Owners Indicted, Accused of Operating $155 Million Investment Fraud }

The claim alleges that Raymond James entered a relationship with Biscayne related companies and served as the brokerage firm for Biscayne’s offshore customers. Biscayne companies had a network of salesmen acting as financial advisors, including Natalia Rubio and Miguel Verdias.

These two individuals operated out of Montevideo, Uruguay and did not possess any U.S. approved securities licenses. Raymond James allegedly prominently displayed Rubio and Verdias as financial advisors, despite their lack of any credentials, licenses, training, and registration with the financial industry. 

IA Capital Structures PLC was formed in Ireland in August 2011 in order to raise funds to invest in Biscayne companies. IA Capital began issuing notes to non-investors around September 2015. Biscayne sold in excess of $50 million in capital notes overall.

The client in this arbitration purchased one of these IA Capital notes. The note was speculative at best, more than likely issued within a Ponzi-like scheme to pay prior investors. Raymond James finally terminated its relationship with Biscayne in 2016.

By partnering with Biscayne, Raymond James made a conscious decision to have a relationship with an offshore non-FINRA member and now customers want them to be held accountable for the decision it made and losses it caused. 

Contact Us Today

The Sonn Law Group is currently investigating allegations of misconduct. We represent investors in claims against negligent brokers and brokerage firms. If you or your loved one experienced investment losses, we are here to help. For a free consultation, please call us now at 866-827-3202 or complete our contact form.