Fired from Raymond James, Wedbush Hires Michael Paul Massey & William Romans, Brokers Accused in Pending Case of Drug Charges

Attorney Advising Disclaimer

After their termination from Raymond James & Associates in Florida after arrests for cocaine possession, ex-brokers Michael Paul Massey and William Edward Romans have joined Wedbush Securities, registering on August 1, 2022, as investment advisors with licenses solely in the state of California, according to the SEC's database. The criminal charges remain pending and all accused are presumed innocent until proven guilty.

A May 2022 AdvisorHub article reported that despite the legal presumption of innocence, Raymond James fired both Michael Paul Massey (CRD #3049479 [SEC version]) and William E Romans (CRD #3134248 [SEC version]) after their arrests on felony drug charges, with a spokesman for Raymond James saying solely that the duo were "no longer employed" at the firm.

Massey and Romans joined Wedbush in August 2022, while their cases remain pending.

Regardless of the criminal charges, both brokers have at least one settled customer dispute in their BrokerCheck reports. For instance, Massey in 2017 paid $25,000 to settle a customer dispute alleging excessive purchases of one security while Romans has paid in excess of $200,000 in judgments and settlements based on allegations ranging from unsuitable recommendations/investments to documentation issues.

If you invested with Michael Paul Massey or William Edward Romans, currently of Wedbush Securities but formerly of Raymond James, and suffered losses as a result of unsuitable recommendations, over-concentration, or other financial wrongdoing, please call The Law Offices of Jonathan W Evans & Associates at (800) 699-1881 for an investigation and consultation with an experienced FINRA arbitration attorney.

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