Raymond James & Associates, Inc. financial advisor Ira Bauman (CRD #1079115) is currently facing a pending customer dispute, according to his BrokerCheck report. The allegation, filed on January 19, 2024, claims that Bauman failed to follow the client’s instructions to reinvest dividends from specified securities. The damage amount requested has not been disclosed, and the dispute remains unresolved as of the filing date.
Bauman has been registered with Raymond James & Associates, Inc. (CRD #705) in New York since March 11, 2016. He is currently registered as both a broker and an investment advisor. In response to the allegation, Bauman stated, “I deny each and every allegation of wrongdoing in the Statement of Claim. I fulfilled my obligations with regards to this client and believe the evidence will show that her allegations have no merit. I intend to fully defend myself from this claim.”
The investment fraud law firm Haselkorn & Thibaut is currently investigating the advisor and Raymond James & Associates, Inc. on behalf of investors. They offer free consultations to clients who may have suffered losses due to financial advisor misconduct. Investment fraud and bad advice from financial advisors can lead to significant losses for investors, as highlighted in a recent Forbes article.
Understanding the allegation and FINRA rule violations
Table of Contents
The customer dispute against Ira Bauman centers around the claim that he failed to follow the client’s instructions to reinvest dividends from specified securities. This allegation suggests a potential violation of FINRA Rule 2010, which requires registered representatives to observe high standards of commercial honor and just and equitable principles of trade.
Additionally, FINRA Rule 3260 addresses a broker’s responsibility to follow customer instructions. The rule states that a broker must comply with a customer’s instructions regarding the handling of their account, including the investment of dividends. Failure to adhere to a client’s instructions may constitute a violation of this rule.
The importance of following customer instructions
Financial advisors have a fiduciary duty to act in the best interests of their clients. This includes following client instructions regarding the management of their investments. When an advisor fails to adhere to these instructions, it can lead to significant financial losses for the investor.
Reinvesting dividends is a common strategy employed by investors to maximize returns and benefit from compound growth. By allegedly failing to follow the client’s instructions to reinvest dividends, Ira Bauman may have deprived the investor of potential long-term gains and undermined their investment strategy.
Potential consequences for investors
The failure of a financial advisor to follow client instructions can have severe consequences for investors. In addition to the potential loss of investment returns, investors may also experience a breach of trust in their advisor-client relationship. This can lead to anxiety, stress, and a lack of confidence in the financial markets.
Investors who have suffered losses due to a financial advisor’s misconduct may be entitled to recover damages through FINRA arbitration. This process allows investors to seek compensation for their losses in a neutral forum, without the need for a lengthy and expensive court battle.
Red flags for financial advisor malpractice
Investors should be aware of potential red flags that may indicate financial advisor malpractice. These include:
- Failure to follow client instructions
- Unauthorized trading or investments
- Lack of communication or transparency
- Excessive trading or churning of accounts
- Unsuitable investment recommendations
If investors suspect that their financial advisor has engaged in misconduct, they should promptly seek legal advice from a qualified investment fraud attorney.
Recovering losses through FINRA arbitration
Haselkorn & Thibaut, a national investment fraud law firm with offices in Florida, New York, North Carolina, Arizona, and Texas, is dedicated to helping investors recover losses caused by financial advisor misconduct. With over 50 years of combined experience and a 98% success rate, the firm has a proven track record of securing successful financial recoveries for investors.
Investors who have suffered losses due to the alleged misconduct of Ira Bauman or Raymond James & Associates, Inc. are encouraged to contact Haselkorn & Thibaut for a free consultation. The firm operates on a contingency basis, meaning clients pay no fees unless a recovery is secured. To discuss your case with an experienced investment fraud attorney, call the firm’s toll-free number at 1-888-885-7162 .
Protecting investor rights and securing financial futures
The ongoing investigation into the alleged misconduct of Ira Bauman and Raymond James & Associates, Inc. highlights the importance of holding financial advisors accountable for their actions. By pursuing FINRA arbitration and working with experienced investment fraud attorneys, investors can protect their rights and secure their financial futures.
As the case against Ira Bauman unfolds, investors should remain vigilant and proactive in monitoring their investments and the conduct of their financial advisors. By staying informed and taking prompt action when misconduct is suspected, investors can minimize their losses and maximize their chances of financial recovery.
