Ex-RayJay Broker Suspended for Outside Business Activities
Financial Industry Regulatory Authority Department of Enforcement
vs. William C. Webb
Background: Webb first entered the securities industry when he associated with a member firm in February 1989. He was associated with various broker/dealers until November 2009 when he associated with Raymond James & Associates, Inc. Webb’s registration was terminated by Raymond James on September 23, 2015.
Overview of Allegations: Between December 2010 and August 2015, Webb owned and managed four outside business activities involving real estate ventures with firm customers and for which he received compensation. He did not provide prior written notice to Raymond James in violation of Finra Rules 3270 and 2010.
In addition, on six occasions between April 2014 and June 2015, Webb borrowed funds from three firm customers, contrary to firm policy and in violation of FINRA Rules 3240 and 2010.
Result: Without admitting or denying the findings, Webb accepted a suspension from associating with any Finra member for 18 months and a $15,000 fine.