Raymond Lee Leonard Audit (2023) – A Scam or Legit Broker?

brokercomplaints
brokercomplaints
14 Min Read

Raymond Lee Leonard  – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).

If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.

Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Raymond Lee Leonard.

The stock market is a device for transferring money from the impatient to the patient… Warren Buffet

BrokerComplaints.com is currently investigating allegations related to Raymond Lee Leonard. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.

 

About Raymond Leonard

Raymond Lee Leonard is an Investment Adviser. Raymond Lee Leonard’s Central Registration Depository (CRD) number is 2579082 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/2579082.

Click here to download a Detailed Audit Report for Raymond Lee Leonard.

Raymond Lee Leonard has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.

 

Accusations and Disclosures

You can find below, a quick snapshot of Raymond Lee Leonard’s regulatory actions, arbitrations, and complaints.

 

DISCLOSURE 1 – 

 

  • Event Date: 8/22/2008
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA:
  • Initiated By: UNITED STATES SECURITIES AND EXCHANGE COMMISSION
  • Allegations: SEC ADMINISTRATIVE PROCEEDING RELEASE NO. 58409, AUGUST 22, 2008: THE SECURITIES AND EXCHANGE COMMISSION (\COMMISSION\ OR \SEC\) DEEMS IT APPROPRIATE AND IN THE PUBLIC INTEREST THAT PUBLIC ADMINISTRATIVE PROCEEDINGS BE, AND HEREBY ARE, INSTITUTED PURSUANT TO SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934 (\EXCHANGE ACT\) AGAINST RAYMOND L. LEONARD, JR. (\LEONARD\). IN ANTICIPATION OF THE INSTITUTION OF THESE PROCEEDINGS, RESPONDENT HAS SUBMITTED AN OFFER OF SETTLEMENT (THE \OFFER\) WHICH THE COMMISSION HAS DETERMINED TO ACCEPT. ON JUNE 26, 2008, A PERMANENT INJUNCTION WAS ENTERED BY CONSENT AGAINST LEONARD, PERMANENTLY ENJOINING HIM FROM FUTURE VIOLATIONS OF SECTIONS 5(A), 5(C), AND 17(A) OF THE SECURITIES ACT OF 1933, SECTIONS 10(B) AND 15(A)(1) OF THE EXCHANGE ACT AND RULE 10B-5 THEREUNDER, IN THE CIVIL ACTION NUMBER 08-CV-1159-JTM-DWB, IN THE UNITED STATES DISTRICT COURT FOR THE DISTRICT OF KANSAS.
  • Resolution: Order
  • Sanction Details :: Sanctions: Bar
  • Sanction Details: SOLELY FOR THE PURPOSE OF THESE PROCEEDINGS AND ANY OTHER PROCEEDINGS BROUGHT BY OR ON BEHALF OF THE COMMISSION, OR TO WHICH THE COMMISSION IS A PARTY, AND WITHOUT ADMITTING OR DENYING THE FINDINGS HEREIN, EXCEPT AS TO THE COMMISSION’S JURISDICTION OVER HIM AND THE SUBJECT MATTER OF THESE PROCEEDINGS, WHICH ARE ADMITTED, RESPONDENT CONSENTS TO THE ENTRY OF THIS ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 15(B) OF THE SECURITIES EXCHANGE ACT OF 1934, MAKING FINDINGS, AND IMPOSING REMEDIAL SANCTIONS (\ORDER\), AS SET FORTH BELOW. ACCORDINGLY, IT IS HEREBY ORDERED: PURSUANT TO SECTION 15(B)(6) OF THE EXCHANGE ACT, THAT RESPONDENT LEONARD BE, AND HEREBY IS BARRED FROM ASSOCIATION WITH ANY BROKER OR DEALER. ANY REAPPLICATION FOR ASSOCIATION BY RESPONDENT WILL BE SUBJECT TO THE APPLICABLE LAWS AND REGULATIONS GOVERNING THE REENTRY PROCESS, AND REENTRY MAY BE CONDITIONED UPON A NUMBER OF FACTORS, INCLUDING, BUT NOT LIMITED TO, THE SATISFACTION OF ANY OR ALL OF THE FOLLOWING: (A) ANY DISGORGEMENT ORDERED AGAINST THE RESPONDENT, WHETHER OR NOT THE COMMISSION HAS FULLY OR PARTIALLY WAIVED PAYMENT OF SUCH DISGORGEMENT; (B) ANY ARBITRATION AWARD RELATED TO THE CONDUCT THAT SERVED AS THE BASIS FOR THE COMMISSION ORDER; (C) ANY SELF-REGULATORY ORGANIZATION ARBITRATION AWARD TO A CUSTOMER, WHETHER OR NOT RELATED TO THE CONDUCT THAT SERVED AS THE BASIS FOR THE COMMISSION ORDER; AND (D) ANY RESTITUTION ORDER BY A SELF-REGULATORY ORGANIZATION, WHETHER OR NOT RELATED TO THE CONDUCT THAT SERVED AS THE BASIS FOR THE COMMISSION ORDER.
See also  Mark Dean Cullison Audit (2023) - A Scam or Legit Broker?

 


 

DISCLOSURE 2 – 

 

  • Event Date: 3/3/2003
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA:
  • Initiated By: WISCONSIN
  • Allegations: FRAUD IN THE OFFER OF UNREGISTERED SECURITIES BY AN UNLICENSED AGENT.
  • Resolution: Order
  • Sanction Details ::

 


 

DISCLOSURE 3 – 

 

  • Event Date: 2/7/2003
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA:
  • Initiated By: WISCONSIN
  • Allegations: FRAUD IN THE OFFER AND SALE OF UNREGISTERED SECURITIES BY AN UNLICENSED BROKER-DEALER AND AGENT
  • Resolution: Order
  • Sanction Details :: Sanctions: Prohibition
  • Sanctions: REVOKED EXEMPTIONS

 


 

DISCLOSURE 4 – 

 

  • Event Date: 10/10/2002
  • Disclosure Type: Regulatory
  • Disclosure Resolution: Final
  • Disclosure Detail :: DocketNumberFDA:
  • Initiated By: OHIO DIVISION OF SECURITIES
  • Allegations: IT IS ALLEGED THAT RAYMOND L. LEONARD, JR., DBA MANUFACTURER’S ASSET GROUP, SOLD UNREGISTERED SECURITIES TO OHIO INVESTORS WHILE UNLICENSED AS A SECURITIES DEALER AND FAILED TO DISCLOSE MATERIAL INFORMATION IN THE SALE OF SECURITIES IN VIOLATION OF ORC SECIONS 1707.44(A)(1), 1707.44(C)(1) & 1707.44(G)
  • Resolution: Order
  • Sanction Details :: Sanctions: Cease and Desist/Injunction
  • Sanctions: N/A
  • Sanction Details: N/A
See also  Ryan Douglas James Audit (2023) - A Scam or Legit Broker?

 


 

According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.

FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.

 

Previous Associations

Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.

See also  Alfred William Anderson Audit (2023) - A Scam or Legit Broker?

 

  • IRVINE SECURITIES, INC. (CRD#: 34796) :: 1/23/1995 – 6/30/1995 :: IRVINE, CA

 

The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.

Raymond Lee Leonard

 

Legit or Not?

Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Raymond Lee Leonard, but not limited to)  can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.

Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli

Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.

There are 10 major types of complaints we receive against Investment Brokers –

  • Outright Theft (Conversion of Funds)
  • Unauthorized Trading
  • Misrepresentation or Omission of Material Facts
  • Excessive Trading (Churning)
  • Lack of Diversification
  • Unsuitable Investment Recommendations
  • Failure to Disclose a Personal Conflict of Interest
  • Front Running of Transactions
  • Breakpoint Sale Violations
  • Negligent Portfolio Management
See also  John Calvin Beerman Audit (2023) - A Scam or Legit Broker?

Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet. 

 

How to Protect Yourself

We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.

 

Raymond Lee Leonard

 

Here are 5 signs that your broker needs to be reported –

  • Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
  • Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
  • Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
  • Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
  • Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
  • Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
See also  Katricia Louise Wick Audit (2023) - A Scam or Legit Broker?

 

Report Raymond Leonard

In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.

Raymond Lee Leonard – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.

Click here to go to FINRA’s Online Complaint Form →

This form will ask you for specific information related to your complaint. Be prepared by gathering the following:

  • Name and symbol for the investment product in question.
  • The CRD number (2579082) for the broker – Raymond Lee Leonard
  • Your complete contact information.

Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint.  Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.

Share this Article
Leave a comment