Fifth Circuit Case Accuses Rjfs Or Fraud And Perjury

A case against Raymond James Financial Services (RJFS) alleging fraud and perjury in an arbitration case is on appeal to the Fifth Circuit for the United States Court of Appeals, according to a PR Web release. The case involves the possibility of RJFS and its branch manager obtaining a favorable arbitration award by fraud, including perjury, fraud upon the court, obstruction of justice, spoliation of evidence, collusion and conspiracy, according to the article.

The case all began when Chris Wanken, a former financial adviser for Raymond James, filed a FINRA arbitration claim against his former employer in December 2008 alleging wrongful termination, breach of contract, breach of partnership, failure to supervise and defamation of his U-5, among other things. After the conclusion of the four day evidentiary hearing in Dallas, TX in December 2009, the FINRA arbitration panel denied the former adviser’s claims other than Raymond James being ordered to pay him $1,200 in costs. The panel assessed the Claimant with $5,100 in forum fees and Raymond James with $15,300.

Mr. Wanken has alleged in federal court that the defendants perjured themselves during the arbitration hearing, offered testimony they knew to be false, suppressed thousands of pages of discoverable documents and that this was a plan set in motion by and participated in by the defendants and their attorneys, according to his brief. Defendants were to file briefs by June 7, 2011.

Not mentioned in the press release is the fact that one of the Respondents in the original arbitration claim was Mr. Wanken’s father, John Dwight Wanken, who was the Claimant’s partner in Beacon Financial Advisors which was affiliated with Raymond James. Furthermore, Claimant Wanken has represented himself throughout the entire arbitration process and in pleadings filed with the Fifth Circuit. Voluminous pleadings detail volatile family issues, disagreements and struggles. It will be interesting to see what the Fifth Circuit’s take is on all of this.

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