Raymond James pays $50 million SEC fine
August 16, 2024 - The U.S. Securities and Exchange Commission (SEC) fined St. Petersburg-based Raymond James and 25 other firms nearly $400 million following an investigation into prohibited communications and record-keeping. The local financial services conglomerate agreed to pay a $50 million penalty Wednesday to settle its case with the SEC. The agency uncovered extensive use of illicit communication channels, like the encrypted text messaging platform WhatsApp.