Last Updated: February 2025 (Miami, FL)
National securities fraud lawyers at Patil Law, P.C. are investigating current Raymond James Financial Services broker Francesco Traina (CRD #5025477) regarding allegations of opening unauthorized accounts. The investigation stems from a recently filed $20 million federal lawsuit alleging serious misconduct in account handling during his tenure at Wells Fargo.
Critical Insights About Miami Financial Advisor Francesco Traina
- Advisor Name: Francesco Traina
- CRD: 5025477
- Location: Miami, FL
- Current Employer: Raymond James Financial Services
- Classification: Registered Representative & Investment Adviser Representative
- Primary Location: 1200 Brickell Avenue, Suite 310, Miami, FL 33131
- Can Francesco Traina be sued in FINRA arbitration: Yes
- Customer Disputes: One pending complaint
- Current Registrations: Licensed in 12 states
- Years of Experience: Since 2005
- Previous Employers: Wells Fargo Advisors, Morgan Stanley Smith Barney, Morgan Stanley & Co., Citigroup Global Markets
- Professional Qualifications: Series 7, 24, 66 licenses
- Business Name: Brickell 21 Capital Management Inc.
- Current Status: Active with Raymond James Financial
Details Of Current Investigation
A federal lawsuit filed in January 2025 alleges:
- Unauthorized account opening under a company name
- Alleged damages of $20 million
- Misconduct occurring in 2015
- Case filed in U.S. District Court for Northern District of Florida
- Case Number: 4:24-cv-00484-MW-MAF
- Potential violations of firm policies and industry regulations
Analysis Of Alleged Misconduct
The allegations raise serious concerns about:
- Account opening procedures
- Client authorization practices
- Documentation integrity
- Supervision protocols
- Compliance with regulatory requirements
- Protection of client interests
Regulatory Framework And Investor Protection
SEC Regulation Best Interest mandates:
- Client authorization for account opening
- Proper documentation
- Accurate recordkeeping
- Protection of client interests
- Compliance with firm procedures
Professional Background
Mr. Traina’s career history includes:
- Entry into securities industry in 2005 with Citigroup
- Positions at major firms including Morgan Stanley and Wells Fargo
- Current dual registration with Raymond James entities since 2016
- Principal/supervisory registration obtained in 2017
- Multiple state licenses across the country
Red Flags For Investors
- Pending federal lawsuit
- Unauthorized account allegations
- High damage amount claimed
- Previous employment at firms with regulatory issues
- Multiple firm transitions
- Documentation concerns
- Authorization questions
- Account opening irregularities
Implications For Current And Former Clients
Current and former clients should:
- Review all account documentation
- Verify account authorizations
- Examine account statements
- Check for unauthorized accounts
- Monitor account activity
- Document communications
- Review account opening documents
- Consider independent review
Patil Law P.C. Will Help You Recover Your Investment Losses
If you have concerns about unauthorized accounts or suspicious activity in your accounts handled by Mr. Traina, please contact Attorney Patil online or call (800) 950-6553 for a free initial consultation. Our securities fraud attorneys work on a contingency fee basis, meaning we only get paid if we help you recover money.
