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Raymond James ARS Customer Requests/Offers Help

Posted by Larry Doyle on August 18, 2010 7:23 AM |

Sense on Cents has been happy to provide a forum for auction-rate securities holders in general. On a more specific note, Sense on Cents has generated significant ARS interest from individuals remaining engaged with Oppenheimer and E*Trade.

We can now add Raymond James to the list of entities entangled in the auction-rate securities cesspool. While I am not in a position to pass judgment on the merits of every specific ARS client’s situation, the simple fact is so many of these situations are strikingly similar.

I am heartened that Sense on Cents has not only been able to provide moral support to many ARS holders but has also been able to pass along meaningful information in the process.  In this spirit, I am compelled to highlight two comments left here Monday by an individual who remains frozen in ARS sold by Raymond James. While reading these comments, put yourself in this writer’s position. The fact is this writer and virtually every ARS investors are connected. I hope my highlighting his comments can help bring this individual and many others both moral and real support.

Mark wrote,

August 16, 2010 at 2:31 PM

I have ARS tied up with Raymond James. Can we talk about the unbelievable stance they have taken with these. Mine are ARS backed by Jefferson County Alabama. I have what may be an unusual case in that my advisor is backing me 100% and actually left Raymond James over the ARS problems. He will work with us and provide any information we may need. Please contact me.

Mark also wrote,

Anyone wanting to share information on Raymond James and auction rate securities that were sold to them by RJ please post a comment and I will email you. I am stuck in ARS backed by Jefferson County sold to me by RJ. I would like to share my info and see if it may help others and the same from anyone else stuck with this position.

If anybody cares to get in touch with Mark or vice versa, Sense on Cents is happy to serve as the conduit.

People helping people.

Larry Doyle

Related Sense on Cents Commentary
Sense on Cents/Auction Rate Securities

In the spirit of full disclosure, I have no affiliation or business interest with the individual referenced in this commentary. Additionally I have never owned an auction-rate security. As President of Greenwich Investment Management, an SEC regulated privately held registered investment adviser, I am merely a proponent of real transparency within our markets so that real investor confidence and investor protection can be achieved.

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  • phil trupp


    I wrote the book advertised on the left side of the page, and I’ve had my own run-ins with RJ. In fact, I devoted an entire chapter to the company and some of its employees. I have never been an RJ client, nor would I recommend the company. However, feel free to contact me via e-mail and I’ll do what I can to help.
    Phil Trupp

  • Mark


    Thank you very much for all your help. It’s very frustrating being such a small fish in a very large legal, uncooperative, political pond. You are a shining light. Please keep punching away for all of us.


    • Susie

      I’m not sure how this comment thread works. I left a comment at the end – but didn’t know if you would be aware of it without a reply to you directly. I’m very interested in your brokers’ experience with and opinion of RJ – Mine is encouraging me to have patience with Nuveen, which seems to be a reasonable approach – however I believe that RJ is not taking responsibility at all, and is not being held accountable for acting in a fiduciary role.

  • John Caruba

    I am stuck here in Chicago with Nicholas Applegate bonds and after numerous conversations with my broker and two conference calls with Scott Curtis, Sr. V.P. Private Client Group, the last being today. I would be happy to work with you and share my research for our (and everyone else’s) mutual benefit.

    John Caruba
    Chicago, IL

  • John Caruba

    BTW: I forgot to mention that my broker is also Raymond James.

  • Susie

    I have been stuck in Nuveen ARS, sold to me by Raymond James. Nuveen’s recent actions to redeem preferred shareholders of ARS, despite threatened legal action from the common shareholders who are benefitting from the cheap leverage is encouraging. I believe that Nuveen is trying to do the right thing. However Raymond James’ role in this whole ordeal has been very disappointing, negligent at the very least and possibly fraudulent. I believe my broker when he says he did not know that the liquidity market was evaporating – however I also cannot believe that those on the trading desks at Raymond James were ignorant of at least the risks of a pending crisis. I suspect that RJ acted to protect their relationship with large underwriters, at the expense of retail clients like you and me. I, too, feel like a very smal, powerless fish, in a big financial/legal/political pond – I’d be happy to share or help in any way.

  • Nik

    My sentiments and comments are similar to
    Susie. I have Nicholas Applegate ARS through
    Raymond James and have been powerless. They have now also
    started to discount the value on the statments.
    When questioned, they say it is third party valuation
    as there is not market for these securities.

    I am lost.

  • John Caruba

    I am right there with you; stuck and feeling powerless. I called my Raymond James FA on Friday and he insulted and embarsssed me in front of my employee. I reported the incident to his boss and got better treatment but of course no results or any promise of recovery. They continue to maintain there arragont position. I am seriously considering arbitration but will start by filing complaints with every regulatory agency I can. I am so emotionally drained from this ordeal that I turned the file over to my part time Admin Assistant for help. I am truly at my witts end.

  • Marsha

    I too have been burned by the ARS mess. I own Jefferson County, Al. water & sewer ARS sold by Morgan Keegan. I moved my account to Raymond James when the @#$# hit the fan. I have had good service in other areas at RJ but I am repeatedly advised to hold tight, that I will be made whole when the water/sewer board is able to refinance the debt. Mine was a 35 day commitment and the broker lied to me, and without permission, put all of my ARS cash in the same Jefferson County instrument. My business is struggling because of this mess. Does anyone else own Jefferson County ARS and do you have any advise as to what to do now?

  • steve: RECOMMENDED

    Well it appears that Morgan Keegan is repurchasing my jefferson county ARS.

    After I read that the federal court sided with Morgan Keegan I thought that I had finally lost this up hill battle.

    After I read the article my broker who had guaranteed me that after the settlement of the fraud charges the company would buy back the ARS called me to assure me that Morgan Keegan was indeed making us whole. Five minutes after I spoke with him Morgan Keegan released a statement confirming that they were indeed going to buy back all the ARS including my Jefferson County sewer Ars.

    I pray for all others in the middle of this mess that you are all made whole. This mess has changed me as an investor and made me more cautious overall.

    I feel terrible for those people whose lives have been changed forever because of this. My message is there is hope. Remain optimistic if possible. This was one of the best birthday presents ever.


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