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FINRA Suspends Todd Seymour

Jan 13, 2023 FINRA Suspension

Todd Seymour (CRD #: 3249733), a broker formerly registered with Raymond James Financial Services, has been suspended by FINRA, according to his BrokerCheck record, accessed on January 6, 2023. Read on if you have questions about his alleged conduct as a broker.

FINRA Suspension

On November 25, 2022, Todd Seymour consented to the entry of findings that he allegedly failed to fully inform Raymond James Financial Services and Morgan Stanley about the nature of his participation in an outside business activity.

According to a Letter of Acceptance, Waiver & Consent (AWC), Todd Seymour allegedly worked for his wife’s tax and estate business, providing tax preparation and trust administration services, since before he became associated with any FINRA member firms. He allegedly also served as a co-trustee of Trust A starting in approximately 2010, and Trust A and its beneficiaries would later become his clients at both Morgan Stanley and Raymond James Financial Services.

In June 2014, Todd Seymour allegedly disclosed his co-trustee position and his work through his wife’s business to Morgan Stanley. The firm allegedly approved the latter but prohibited him from serving as co-trustee of Trust A.

In February 2017, Todd Seymour allegedly disclosed to Raymond James his association with his wife’s business but failed to disclose his position as co-trustee or his other trust administration services. The firm allegedly approved his tax preparation work but did not approve him to continue serving as a trustee and explicitly prohibited him from maintaining bill-paying authority over third-party bank accounts.

The AWC alleged that Todd Seymour continued to remain a co-trustee of Trust A from June 2014 to November 2020. Further, Todd Seymour allegedly continued to use his check-writing authority for the trust’s bank account, including checks to compensate himself for his services, violating Ramyond James’ prohibition.

From 2017 to 2020, Todd Seymour allegedly also submitted five compliance questionnaires to Raymond James in which he falsely attested that he had not participated in any undisclosed outside business activities.

The AWC concluded that these allegations constituted violations of FINRA Rules 3270 and 2010.

FINRA Rule 3270

FINRA Rule 3270 requires brokers to seek and receive approval from their firm for any outside business activities they engage in.

FINRA Rule 2010

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

Sanctions

Todd Seymour consented to the following sanctions:

  • $5,000 fine
  • 2-month suspension

His suspension began on December 5, 2022, and will end on February 4, 2023.

You can read a copy of the AWC here.

Other business activities

Todd Seymour’s detailed BrokerCheck page currently lists that he is a tax preparer and licensed insurance professional working for Tax and Trust Management Services, LLC.

Terminations

On November 5, 2020, Todd Seymour was fired from Raymond James Financial Services and Steward Partners Investment Advisory following alleged violations of firm policies, including using an outside email address to conduct firm business, serving a client in an “unapproved capacity,” and reusing blank but signed forms for another client.

Background Information

Todd Seymour has passed the following exams:

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

He previously worked for Raymond James Financial Services (CRD#:6694) and Morgan Stanley (CRD#:149777).

Kurta Law Can Help

If you worked with Todd Seymour 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.