Broker Paul McLellan Alexander, Jr. Fined, Suspended, and Fired

The Florida broker has been charged with numerous violations over the past three years

The Financial Industry Regulatory Authority (FINRA) recently suspended broker Paul McLellan Alexander, Jr. after finding that he made transactions while exercising discretion, though he didn’t have written authorization from his clients. His firm reportedly hadn’t accepted the accounts as discretionary, either. Although he didn’t admit or deny the charges, Alexander agreed to the 20-day suspension and to pay a fine of $5,000.

Over 14 years, Alexander worked for three firms, beginning with A. G. Edwards & Sons, Inc. out of St. Louis, MO. He then moved to Palm Beach Gardens, FL, where he first joined Merrill Lynch, Pierce, Fenner & Smith Inc. and then Raymond James & Associates, Inc. Currently not registered with a firm, Alexander was permitted to resign from Raymond James after admitting that he had taken time and price discretion for his clients.

Alexander was involved in several customer disputes during his career and accused of many infractions, including negligence, unsuitability, excessive trading, and breach of fiduciary duty. A broker has an obligation to put the interests of the client ahead of his own or those of the firm, and if he doesn’t, this constitutes a breach of fiduciary duty.

Aside from one pending case, clients in the other disputes against Alexander were awarded damages that, all together, totaled nearly $440,000.

To find out more about Paul McLellan Alexander, Jr. and the charges against him, you can read FINRA’s BrokerCheck report.

Did you trust Paul McLellan Alexander, Jr. with your investments? If you suffered loses, you may be able to reclaim that money. For guidance, talk to an arbitration attorney at the Silver Law Group.

We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. Scott Silver is currently the chairman of the American Trial Lawyers Association, Securities and Financial Fraud Group and routinely represents investors in securities arbitration claims.

Our law firm only works on contingency, so you won’t owe us anything unless you get money back. For a free consultation, just fill out our online form.