James Eddie Lyons | Eddie Lyons Lawsuits

James (“Eddie”) Edward Lyons

 

Eddie Lyons is NOT Currently a Registered Broker:

 

2/2013 – 4/2017

Raymond James & Associates, Inc. (Terminated April 28, 2017)

    • Shreveport, LA

 

Eddie Lyons – Recent News & Regulatory Events:

 

James Edward Lyons, better known as Eddie, was a Shreveport broker for Raymond James & Associates in Shreveport, LA.   Eddie is well-known in the Shreveport-Bosier City golf community due to his past amateur golfing successes. However, he is now gaining infamy in the area for the recent allegations of  losing Millions of Dollars for investors through his unauthorized and reckless securities trading.  Although Eddie is not named in the “Statement of Claims” filed with the Financial Industry Regulatory Authority (FINRA), it is alleged that his wealth management firm, Raymond James & Associates and his Shreveport branch manager failed to supervise Eddie.

 

So far, nearly 30 investors have asked a FINRA Arbitration Panel to hear their claims.  Unfortunately, these investors range from the elderly to charitable organizations that feed the homeless. Even worse, these investors are estimating their losses at around $5 Million. The $5 Million claim stems from the amount the investors expected to realized from the management of a conservative investment portfolio by Eddie Lyons.

 

The investor allegations are tied to Eddie Lyons’ investments in risky oil and gas trusts and partnerships. Additionally, these investors are claiming that Lyons was  initiating investments and trades without their knowledge.  Both the New York Stock Exchange (NYSE) Rules and FINRA Rules explicitly outline that all brokers are under an obligation to first discuss trades with the investor before executing them.  Specifically, advisors are not allowed to engage in unauthorized trading.  Unauthorized trading occurs when a broker sells, buys, or exchanges securities without the prior consent or authority from the investor.  Additionally, the SEC has found that unauthorized trading is fraudulent in nature due the importance of transparency in trading.

 

His newest Customer Complaint is from October and listed on FINRA’s BrokerCheck.  The customer-investor’s allegations against Eddie include:

  • Breach of Duties
  • Fraudulent Omissions
  • Federal Securities Law Violations
  • Louisiana Securities Law Violation
  • Bad Faith Breach of Contract

 

The sheer number of disclosure events (7 customer complaints and 1 employment separation) on Eddie Lyons’ BrokerCheck report is concerning. As of 2015, only about 7% of financial advisors or brokers have any type of disclosure event on their records.  According to FINRA’s BrokerCheck, “all individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil judicial proceedings.

 

Registration & Employment History:

 

2013 – 2017

Raymond James & Associates, Inc.

  • Branch Location: Shreveport, LA

 

1993 – 2013

Morgan Keegan & Company, Inc.

  • Brand Location: Shreveport, LA

 

1983 – 1993

Capitol Securities Group, Inc. (Firm No Longer Registered)

  • Branch Location: Unlisted

 

Eddie Lyons Disclosure Events | FINRA BrokerCheck

 

Disclosure Events: All individuals registered to sell securities or provide investment advice are required to disclose customer complaints and arbitrations, regulatory actions, employment terminations, bankruptcy filings, and criminal or civil proceedings.

 

  • Customer Dispute: 7
  • Termination: 1

 

Customer Disputes:

 

Date: 10/6/2017 (Pending)

  • Lyons’ Firm at Time of Event: Raymond James & Associates, Inc.
  • Allegation: From 1/1/2010 – 12/31/2013, claimant alleges Breach of Duties, Fraudulent Omissions, Federal Securities Law Violations, Louisiana Securities Law Violation, and Bad Faith Breach of Contract.

 

Date: 9/13/2017 (Pending)

  • Lyons’ Firm at Time of Event: Raymond James & Associates, Inc.
  • Allegation: From 3/14/2003 – 06/27/2017, customer alleges Unauthorized Trading and Poor Performance.

 

Date: 6/14/2017 (Pending)

  • Lyons’ Firm at Time of Event: Raymond James & Associates, Inc.
  • Allegation: From 12/23/2013 – 6/14/2017, customer alleges Unauthorized Trading and Suitability.
  • Damage Amount Requested: $800,000

 

Date: 4/29/2016

  • Lyons’ Firm at Time of Event: Raymond James & Associates, Inc.
  • Allegation: From 2/17/2011 – 4/29/2016, customer alleges Breach of Duties, Churning, Fraudulent Omissions, Federal Securities Law Violations, Louisiana Securities Law Violation, Unauthorized Trading, and Suitability.
  • Damage Amount Requested: $1,200,000
  • Settlement Amount: $400,000

 

Date: 10/5/2011

  • Lyons’ Firm at Time of Event: Morgan Keegan & Company, Inc.
  • Allegation: Claim alleges unsuitability, misrepresentation, and unauthorized trading with regard to mutual funds, stock and unit investments, and unit investment trusts purchased in 2006 and 2007.
  • Settlement Amount: $152,000

 

Date: 10/8/2010

  • Lyons’ Firm at Time of Event: Morgan Keegan & Company, Inc.
  • Allegation: Written complaint received by Morgan Keegan & Company on 10/8/10. Complaint alleges “selling away” with regard to a transaction which took place in 2003. Client claims product as represented was fraudulently handled in accordance with company regulations. Additional correspondence from client, received 10/13/10 states his previous allegations of fraud were inaccurate. Client states the irregularities of Morgan Keegan’s actions subsequent to the execution of stock purchases of IDIB caused a financial hardship and will provide documentation for clarification.
  • Damage Amount Requested: $1,000,000

 

Date: 3/18/2009

  • Lyons’ Firm at Time of Event: Morgan Keegan & Company, Inc.
  • Allegation: Written complaint, dated 3/18/09, alleges misrepresentation in regards to the purchase of Auction Rate Securities (ARS).
  • Damage Amount Requested: $152,000

 

Employment Separation After Allegations:

 

Date: 4/28/2017

  • Lyons’ Firm at Time of Event: Raymond James & Associates, Inc.
  • Allegations: Financial Advisor was terminated due to customer allegation of unauthorized trading.
  • Termination Type: Discharged by Firm.

 

If you believe that you have been a victim of broker misconduct, investment fraud or unauthorized trading, please contact Peiffer Wolf Carr & Kane by filling out an online Contact Form or by calling 216-242-6184 for a FREE Consultation.

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