Raymond James Representative Barred For Alleged Forgery and Misappropriation
Paul Steffany of Stamford, Connecticut submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Department of Enforcement of the Financial Industry Regulatory Authority (FINRA) for allegedly falsifying documents and converting funds for his own personal use. Mr. Steffany entered the securities industry in October 1982. In 2007 Mr. Steffany became associated with FINRA through broker-dealer Raymond James & Associates, Inc. (Raymond James) as a general securities representative (GSR). In May 2014 Mr. Steffany was terminated from Raymond James after violating company policy. While associated with Raymond James, Mr. Steffany served as the trustee of a testamentary trust established by an estate customer. As the trustee, Mr. Steffany was responsible for paying legal bills, signing tax returns and distributing funds to the beneficiaries of the trust. Mr. Steffany estimated that he spent no more than 43 hours annually dealing with trust related matters.
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