On the face of it, FINRA's recent $500,000 fine of Raymond James for violating a privacy rule may seem like small potatoes for a firm that reported $1.27 billion in net revenues last quarter.
Moreover, there was very little about the case that would be considered unusual to the recruiting and hiring conventions within the highly competitive brokerage business. That is, save for the outcome, which saw Raymond James agree to a censure and a fine to settle allegations that it violated the rule known as Regulation S-P.
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