Investor Seeks $1.5 Million in Dispute with Raymond Sardina

Raymond Sardina (CRD #: 3068885), a broker registered with Raymond James & Associates, allegedly invested a client in high-risk investments, according to his BrokerCheck record, accessed on March 2, 2023. Read on to learn more about his alleged conduct as a broker.

Investor Dispute

On December 16, 2022, an investor filed a dispute alleging that Raymond Sardina invested him in high-risk investments on margin. The client alleges that these investments included concentrated positions and equity-linked securities focused on the energy and biotech industries.

The investor seeks $1.5 million in damages in this pending dispute.

FINRA Rule 2111

FINRA Rule 2111 defines suitable investments as securities that fit an investor’s profile. These profiles contain information about investors’ age, tax status, and risk tolerance.

Investors who rely on brokers for recommendations may be able to recover their losses by pursuing FINRA arbitration.

Florida Regulatory Action

On March 4, 2022, Raymond Sardina consented to a fine by the State of Florida Department of Financial Services for allegedly failing to complete continuing education in a timely manner. He consented to a $250 fine.

FINRA Suspension

On March 19, 2015, Raymond Sardina consented to the entry of findings that he allegedly violated Raymond James & Associates’ policies by borrowing money from a firm client from 2011-2012.

According to a Letter of Acceptance, Waiver & Consent (AWC), the firm’s policies during this period allegedly prohibited brokers from borrowing money from clients. Raymond Sardina allegedly borrowed $10,000 from a client (who was also a close friend) in 2011 and repaid the loan in 2012. The AWC alleges that he failed to notify his firm about or receive approval for this loan at any time.

Further, the AWC alleges that Raymond Sardina falsely attested on the firm’s 2012 annual compliance questionnaire that he was not involved in any outside business relationships with firm clients when the loan was allegedly still outstanding.

The AWC concludes that these allegations constitute violations of FINRA Rules 3240 and 2010.

FINRA Rule 3240

FINRA Rule 3240 describes the circumstances under which brokers may borrow from or lend to clients, such as loans between immediate family members.

FINRA Rule 2010

FINRA Rule 2010 holds brokers to high standards of commercial honor and just and equitable principles of trade.

Sanctions

Raymond Sardina consented to a one-month suspension, which ran from April 20 through May 19, 2015. You can read a copy of the AWC here.

Background Information

Raymond Sardina has passed the following exams:

• Series 66 – Uniform Combined State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

Raymond Sardina is a registered broker in 24 states and the District of Columbia. He is also a registered investment adviser in Florida and Texas.

He previously worked for Morgan Stanley (CRD#:7556).

Kurta Law Can Help

If you worked with Raymond Sardina and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.