Cecil Ross, formerly of Raymond James, Suspended Four Months from Securities Industry
Have you lost money with financial advisor Cecil Ross of San Angelo, Texas? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against Cecil Allen Ross. FINRA suspended Ross from the securities industry for four months and fined him $5,000 after he was alleged to have engaged in short-term trading of Unit Investment Trusts (or UITs) in customer accounts.
UITs are not designed for short-term trading because of their commissions and costs of trading. Between January 2010 and October 2014, Cecil Ross recommended on several occasions that his customers sell their UITs and then purchase new, different UITs. FINRA alleged this to be unsuitable in view of the frequency and costs of trading, which can be as high as 3.95%.
Cecil Ross was a financial advisor and registered representative of Raymond James from 2004 to October 2014. Ross was also affiliated with LPL Financial from October 2014 to the present and with International Assets Advisory from December 2019 to the present. He worked at branch offices in San Angelo, Texas. Ross has been the subject of at least two customer complaints and 14 financial events on his BrokerCheck report.
Brokerage firms like Raymond James have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michigan; Seattle, Washington; and Phoenix, Arizona. We represent investors in FINRA arbitration in all 50 states, including Texas. We have represented over one thousand investors who have been wronged by their brokerage firm, including against Raymond James, LPL Financial, and International Assets Advisory.