Raymond James brokerage charged with fraud

The U.S. Securities and Exchange Commission on Thursday charged brokerage firm Raymond James Financial Inc. with fraud over the misconduct of a former broker in 1999 and 2000.

The SEC said it also brought additional charges against the St. Petersburg, Florida-based firm, a former president, Stephen Putnam; and a former branch manager, David Ullom, for failing to properly supervise the activities of former broker Dennis Herula.

Attorneys representing Raymond James and Ullom could not be reached immediately for comment. Attempts to reach Putnam were unsuccessful.

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The SEC has accused Herula of participating in a scheme with others that raised about $44.5 million from investors.

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Herula raised about $16.5 million of investor funds, most of which was later transferred to his wife's brokerage account at Raymond James, the SEC said, adding that the money was never returned to investments.

Raymond James Financial shares were down 3 cents at $23.74 in early afternoon trading on the New York Stock Exchange.