Sonn Law Group is investigating claims regarding James D. Belenis (CRD #2441443, Davis, California), also known as Jim Belenis. Belenis recently submitted an AWC in which fined $5,000 and suspended from association with any FINRA member in any capacity for 20 business days. See FINRA Case #2013036196701. Belenis was associated with Raymond James Financial Services, Inc., from March 2008 until his termination in March 2013. The Form U-5 filed by Raymond James to terminate Belenis’ association with the firm states that he “violated firm policy by maintaining an outside business activity without knowledge or approval of firm. Engaging in a private securities transaction without prior firm approval.” Belenis has been registered with KMS Financial Services, Inc., since May 2013.
FINRA found that Belenis engaged in a private securities transaction by investing in a limited liability company that held a gold mining operation, without prior written notice to his member firm. FINRA also found that Belenis assisted in raising capital for the limited liability company, yet inaccurately answered “no” on a firm questionnaire asking whether he had assisted in raising capital.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Raymond James may be liable for investment or other losses suffered by Belenis’ customers.
If you were a client of Raymond James Financial Services, Inc., or James “Jim” Belenis, and have suffered investment losses or financial irregularities, please contact Sonn Law Group to explore your legal options. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies. To learn more, please call us at 844-689-5754 or complete our “contact form.”