In Brief: NASD Fines Raymond James

Published February 23, 2007, 2:00 a.m. EST

Updated February 22, 2007, 5:36 p.m. EST

1 Min Read

The National Association of Securities Dealers Inc. fined Raymond James Financial Inc. of St. Petersburg, Fla., $2.75 million for failing to properly supervise sales activities of more than 1,000 branch managers nationally from April 2000 to September 2004.

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The regulator said in a statement that it permanently barred Donna Vogt, a branch manager who worked from her Campbellsport, Wis., home, for making "unsuitable" mutual fund and variable annuity sales to elderly customers and making misleading statements to customers.

Neither Raymond James nor Ms. Vogt admitted wrongdoing, but both consented to the findings.

Ms. Vogt was fired in June 2003 The NASD said she has not worked for a registered firm since May.

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