Raymond James Compliance Associate Barred Over Allegedly Inaccurate Bookkeeping
Self-regulator Finra has barred a former Raymond James compliance associate for allegedly falsifying branch audit data, the industry organization says.
Vincent Storms started in the financial securities industry as a compliance intern in 2005 with Raymond James & Associates and eventually served as a compliance associate, according to a default decision published by Finra.
He became a registered representative in 2015 with Raymond James, according to his BrokerCheck profile.
Raymond James sent its registered representatives electronic questionnaires about any undisclosed outside business activities or securities at other broker-dealers and other information, Finra says. Storms’ job was to follow up on certain responses, but he allegedly instead changed some of the responses, “thereby avoiding any follow-up work,” according to the regulator. His actions allegedly caused Raymond James to maintain false books and records, Finra says.
From March through November 2016, Storms allegedly altered questions from 145 registered representatives, affecting 60 branch audits, according to the decision.
Storms also allegedly failed to appear on time for his testimony in the inquiry but Finra didn’t impose any additional sanctions for that infraction in light of his bar, the regulator says.
In July 2017, Storms joined Ameriprise Financial Services, according to BrokerCheck.
He was terminated in October of the same year, Finra says in its decision without naming the firm.
Storms has not registered with another firm since.