The Financial Industry Regulatory Authority suspended a former Raymond James broker for three months after he violated the rules of his former firm and FINRA by making two security transactions in his personal account while possessing nonpublic, confidential information about a Raymond James customer’s position in that security, according to FINRA.
Alastair Jamie Barnes signed a letter of acceptance, waiver and consent on Tuesday in which, without admitting or denying FINRA’s findings, he agreed to the suspension, to pay a $20,000 fine and to disgorge profits he made from the transactions in the amount of $585. FINRA accepted the letter Thursday.
Raymond James declined to comment Friday. Barnes and his attorney, Jason Gottlieb of Morrison Cohen in New York, didn’t immediately respond to a request for comment.
Barnes had worked in the Raymond James Institutional Equity Sales Department, according to the FINRA letter. On two separate occasions, he “effected two securities transactions in his personal brokerage account after learning non-public, confidential information about a Firm customer’s position in the subject security, even though Firm policy prohibited employees from using such information for non-Firm purposes,” the letter said.
He also had not requested, nor received, pre-approval for either personal transaction, as required by Raymond James policy, according to the letter. Through his conduct, he violated FINRA Rule 2010, which requires an associated person to “observe high standards of commercial honor and just and equitable principles of trade” in the conduct of his business,” FINRA said.
Barnes first registered with a FINRA member firm as a general securities representative in November 2014, when he became associated with Raymond James, according to the FINRA letter. He remained with the firm until 2018, when he “resigned voluntarily,” effective Aug. 21, 2018, “while under internal review for potential violations” of the firm’s trading policies, the letter says. Raymond James filed a Form U5 termination notice Sept. 19 that year, according to FINRA.
Barnes then went to work as an analyst for real estate services firm HFF in August 2018, according to his LinkedIn profile. That firm was bought by JLL, where he remained and last had the title of debt and structured finance analyst, according to the LinkedIn profile. JLL didn’t immediately respond to a request for comment.
There were no disclosures on his profile at FINRA’s BrokerCheck website on Friday.