Advertisement

Raymond James seeks $800,000 from ex-advisor who allegedly swindled client

 
Published July 22, 2014

Raymond James Financial Services seeks more than $800,000 from a former financial advisor the St. Petersburg investment firm claims swindled a 96-year-old client suffering from dementia. According to Financial Advisor magazine, Raymond James last week asked a federal court to freeze the assets of advisor Jo Ellen Fisher of Gallipolis, Ohio, and give the firm a claim on her assets.

The broker-dealer arm of Raymond James Financial alleges Fisher diverted nearly $1.5 million from the accounts of Edward Martin, an elderly client who lives in a West Virginia nursing home. After some of the lost assets were replaced, the firm says its out-of-pocket loss for making Martin whole is $835,000.

The firm alleges Fisher and her husband, Andrew Fisher, quickly spent the client's money on automobiles worth $87,000, diamonds worth $165,000, $146,000 for appliances and home remodeling, and used additional funds to pay off debts. Financial Advisor reported that the Federal Bureau of Investigation and the United States Attorney Office for the Southern District of Ohio are investigating Jo Ellen Fisher's conduct. The Financial Industry Regulatory Authority is also investigating.