According to FA Magazine, Raymond James Financial Services (RJFS) has filed a lawsuit against former broker, Jo Ellen Fisher, for allegedly diverting nearly $1.5 million away from an elderly client’s brokerage account. RJFS accused Fisher of concocting a scheme that made it look as though Fisher’s own daughter was the client’s goddaughter, and the money transfers appeared to be gifts. The alleged scheme operated between July 2013 through early 2014.
RJFS alleges Fisher used the money to purchase automobiles, diamonds, and for home remodeling expenses. Some of the funds were returned, however, RJFS’s out-of-pocket loss to make the client whole is $835,000.
FA Magazine reports that court filings indicate that Jo Ellen Fisher is under investigation by the FBI and United States Attorney Office for the Southern District of Ohio. A hearing is set in federal court to hear RFJS’s request to freeze Fisher’s assets.
Brokerage firms have a responsibility to monitor the conduct of their employees. When registered brokers steal from clients and/or violate securities regulations, the brokerage firm where they work may be liable for investment losses.
If you suffered investment losses as a result of your dealings with Jo Ellen Fisher, please call The White Law Group at (312) 238-9650 for a free consultation.
The White Law Group, LLC is a national securities fraud, securities arbitration, investor protection, and securities regulation/compliance law firm dedicated to the representation of investors in FINRA arbitration claims against brokerage firms throughout the United States. The firm’s offices are located in Chicago, Illinois and Vero Beach, Florida.
To learn more about The White Law Group, visit www.WhiteSecuritesLaw.com.