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James Calder Sanctioned for Unauthorized Outside Business Activity

FINRA fined ex-Raymond James Financial Services broker James David Calder II for engaging in an outside business activity without firm approval. Calder purportedly sold life settlement contracts offered by Life Partners, Inc. to Raymond James customers after the firm had already explicitly denied a previous request to sell the Life Partners products.

FINRA AWC #2016048601901

The findings state that after Calder (CRD #4022637) requested, and was expressly denied, permission from Raymond James to sell Life Partners' life settlement investments, his wife became licensed by Life Partners to sell their products.

According to the report, Calder himself participated in subsequent Life Partner sales to at least four Raymond James customers by recommending the life settlement investments, answering questions about them, and then referring interested clients to his wife in order to complete the transactions.

Still, the findings state that the customers "dealt exclusively with Calder, not his wife, in connection with making their Life Partner life settlement investments," which generated $8,925 in commission payments for these sales.

In January 2016, a selling away customer dispute filed against Calder alleging breach of contract, common law fraud, breach of fiduciary duty, negligence and gross negligence reached settlement for $75,000 in damages.

In March 2016, Calder left Raymond James.

If you have invested with James David Calder in his unauthorized outside business activity known as Life Partners' life settlement investments, or with any broker or adviser whose improper and prohibited investment recommendations and sales away from the firm have proven harmful to your investments or interests, please call The Law Offices of Jonathan W. Evans & Associates at (800) 699-1881 for an investigation and consultation.

The Law Offices of Jonathan W. Evans & Associates - California Securities Fraud Attorney
Located at 12711 Ventura Boulevard, Suite #440 Studio City, CA 91604. View Map
Phone: (800) 699-1881 | Local Phone: (818) 760-9880.