The Oregon Division of Financial Regulation issued $220,000 in civil penalties, and Raymond James Financial Services, Inc. agreed to pay $123,279 in restitution to the victims of the excessive trading practices of Gary Dodds.
Dodds, a stock broker for Raymond James Financial Services, conducted churning, a method of excessive trading to receive additional commissions, on several of his clients’ accounts from 2016 to 2018, according to court documents.
The division’s investigation revealed Dodds made unsuitable recommendations and sales of securities for his clients and failed to maintain proper documentation of his trading activities, Oregon officials said in a news release. The division also learned that Raymond James Financial Services was aware of his actions, but did not take adequate corrective steps.