Vincent Storms, Former Raymond James Broker, Barred for Falsifying Internal Audit Documents

Mr. Storms changed the answers to over 500 questions in order to avoid the required follow-up work, according to the complaint

Under FINRA rules, member firms are responsible for supervising the activity of their brokers and may be liable for misconduct. If you lost money investing with Mr. Storms or his member firm, call 866–827–3202 or contact Sonn Law Group today because you may have a claim.

Vincent Storms (CRD# 4969537) is a previously registered broker and investment advisor. From 2015 to 2017, Mr. Storms was a registered representative with Raymond James & Associates, based in St. Petersburg, Florida, before working briefly with Ameriprise Financial Services in late 2017.

In a decision filed on July 3, 2019, FINRA barred Mr. Storms from associating with any FINRA member in any capacity after it was discovered he falsified firm branch audit data (Default Decision, Disciplinary Proceeding №2017053982801).

According to the decision, FINRA began an investigation into Mr. Storms’ conduct after Raymond James filed a Form U5 reporting that the firm had discharged Mr. Storms for “improperly editing internal branch audit documents.”

Storms was primarily responsible for performing audits of other Raymond James offices to ensure that all outside business activities (OBAs) were properly reported and approved. As a part of this process, certain questionnaire answers relating to OBAs were characterized as a “2” in the internal auditing software.

Answers marked with a “2” required Mr. Storms to follow up on them. According to the final decision, Mr. Storms altered the answer result of 524 questions from 145 in the master spreadsheet used by the auditors in order to avoid any follow-up work.

After Raymond James filed the Form U5, FINRA served a first and second notice of the complaint filed against Mr. Storms. When he failed to respond to either Notice of Complaint, and a result FINRA issued a default decision barring him from the securities industry.

Mr. Storms also failed to make a timely appearance for on-the-record testimony during the investigation, however, he was not subject to additional sanctions because of the bar.

Mr. Storms had been in the securities industry since 2005, where he started at Raymond James as a compliance intern.

Jeffrey R. Sonn is an experienced investor losses attorney. If you suffered losses because a financial professional or corporate executive misappropriated funds, Mr. Sonn will protect your rights and interests. Please do not hesitate to contact the Sonn Law Group today for a free review of your claim.