National investment fraud lawyers KlaymanToskes is investigating Raymond Sardiña (CRD# 3068885) of Integrity Wealth Advisory at Raymond James after he mismanaged a customer’s accounts causing $1.5 million in investment losses. Investors that suffered losses at the hands of Raymond Sardina or Raymond James’ Coral Gables, FL branch should contact KlaymanToskes immediately to recover their losses.
The FINRA arbitration claim seeks $1.5 million in damages for allegations that Raymond Sardina shifted an elderly Venezuelan investor’s account from conservative, long-term growth investments to high-risk investments purchased using margin.
The investor was introduced to Sardina in 2018 after his former broker left Raymond James. When Sardina began managing the investor’s accounts, the portfolio was allocated in conservative, long-term growth products. The investor was under the impression that Sardina would maintain the strategy, one typical for someone of retirement age. Instead, Sardinia purchased Equity-Linked Securities (ELKS) – structured products in energy and biotech stocks.
The ELKS were represented to the client as “guaranteed”. In reality, they were speculative purchases made on margin, putting the conservative investor at a high risk for losses. Included in the purchases were concentrated positions in Catalyst Biosciences, Docusign, and Tesla.
The investor held concentrated positions in the following stocks, which have declined drastically since their highs:
● Docusign, Inc. (NASDAQ: DOCU) -82.41%
● Tesla, Inc. (NASDAQ: TSLA) -72.25%
● Catalyst Biosciences, Inc. (NASDAQ: CBIO) -99.98%
KlaymanToskes can help you determine if your investment loss may be due to unsuitable investment advice or broker misconduct. Depending on your circumstances, you may be entitled to recover losses through FINRA arbitration. Contact investment loss attorney Lawrence L. Klayman today to discuss your legal options at (888) 997-9956 or lklayman@klaymantoskes.com.
According to his FINRA Brokercheck Report, the latest $1.5M lawsuit is not the first time Sardina has been involved in broker misconduct:
1. On March 19, 2015, Sardina entered into an Acceptance, Waiver & Consent (“AWC”) with FINRA after allegations that he borrowed a $10,000 loan from a customer of Raymond James. He did not receive approval from the firm, nor did he report the loan. In fact, when Sardina completed his annual compliance questionnaire in 2012, he falsely reported that he did not receive any loans. This resulted in Sardina’s month-long suspension.
2. On March 4, 2022, FINRA’s Regulatory Department slapped Sardina with a $250 fine after he failed to timely complete his continuing education. Continuing education is required for registered representatives every 2 years to ensure they are up to date with the securities industry rules and regulations.
Ray Sardina has been employed with Raymond James & Associates, Inc. since 2007 at their Coral Gables, FL office: 2333 Ponce de Leon Suite 500, Coral Gables, FL 33134. At Raymond James, Sardina started Integrity Wealth Advisory with Susan Rutrough, Vice President of the group. Prior to Raymond James, Sardina worked at Morgan Stanley.
KlaymanToskes offers free consultations, and every case is taken on a contingency basis, meaning we do not collect attorney’s fees unless we are able to obtain a financial recovery for you.
If you suffered investment losses due to the mismanagement of your accounts by Raymond Sardina, Integrity Wealth Advisors, or Raymond James, you are encouraged to contact attorney Lawrence L. Klayman at (888) 997-9956 or lklayman@klaymantoskes.com to discuss your recovery options.
About KlaymanToskes
KlaymanToskes is a leading national securities law firm which practices exclusively in the field of securities arbitration and litigation on behalf of retail and institutional investors throughout the world in large and complex securities matters. The firm has recovered over $250 million in FINRA arbitrations and over $350 million in other securities litigation matters. KlaymanToskes has office locations in California, Florida, New York, and Puerto Rico.
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KlaymanToskes, P.A.
Lawrence L. Klayman, Esq.
888-997-9956
lklayman@klaymantoskes.com
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