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FINRA Bars Ex-Raymond James Rep Stuart Nichols: Excessive Trading

Stuart Nichols (CRD# 4932310), formerly a broker and investment adviser based in Birmingham, Alabama, has been sanctioned by the Financial Industry Regulatory Authority and barred in connection to allegations he refused to provide FINRA with on-the-record testimony as part of its investigation into allegations of excessive trading. Nichols was most recently registered as a broker with Raymond James & Associates.

According to a Letter of Acceptance, Waiver and Consent (No. 2018060875701) dated October 2019, Stuart Nichols was registered with Raymond James & Associates from February 13, 2013, until December 12, 2018, when his registration was terminated. In connection with FINRA’s subsequent investigation into allegations of possible excessive trading in customer accounts by Nichols, FINRA sent him a request on October 3, 2019 to provide on-the-record testimony. Nicholas subsequently acknowledged through counsel in an email to FINRA on October 3, 2019, that he was in receipt of FINRA’s request for on-the-record testimony but would not appear for such on-the-record testimony “at any time.” FINRA found that his refusal to appear for testimony constituted a violation of two FINRA rules: Rule 8210, which gives FINRA the right to require associated persons to appear for testimony connected to its investigations, and FINRA Rule 2010, which mandates the observation of high standards of commercial honor and just and equitable principles of trade. As a result of the foregoing alleged conduct, Stuart Nichols was barred from associating with any FINRA member in any capacity.

Stuart Nichols is currently not registered with any FINRA member firm. His previous registrations include Raymond James & Associates, Morgan Keegan & Company, and Sterne Agee Financial Services, all in Birmingham, Alabama. He has passed three securities industry qualifying examinations: the Uniform Combined State Law Examination, or Series 66; the Securities Industry Essentials Examination, or SIE; and the General Securities Representative Examination, or Series 7. He currently holds no state securities licenses. (Information current as of April 17, 2020.)

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