Former Raymond James Broker Barred After Refusing FINRA Probe Into Senior Customer Loans

Jayme Frances Lemaire, formerly with Raymond James Financial Services, Inc., agreed to a bar from the securities industry under a Letter of Acceptance, Waiver, and Consent (AWC) with FINRA. According to FINRA, Lemaire refused to provide information and documents that FINRA requested during its investigation into whether she improperly borrowed funds from senior customers, in violation of FINRA Rules 8210 and 2010. FINRA's findings concern only her refusal to cooperate, not the underlying borrowing allegations. Lemaire consented to FINRA's findings without admitting or denying them.

Lemaire first registered with FINRA in 2001. From April 2021 until July 2025, she was registered as a General Securities Representative and principal with Raymond James Financial Services, Inc. On July 15, 2025, Raymond James filed a Form U5 terminating her registration for "[c]onduct inconsistent with firm policies on borrowing from clients." Lemaire then registered with Lincoln Investment, which terminated her registration 11 days after she joined because she "provided inaccurate and/or incomplete information at the time of onboarding regarding her termination from Raymond James." From July 24, 2025, through October 20, 2025, she was registered with International Assets Advisory, LLC. According to the AWC, on August 7, 2026, Lemaire entered into a Consent Order with the Banking Commissioner of Connecticut. The order bars her from broker-dealer and investment advisory activities in Connecticut. It also fines her $30,000 for borrowing from customers, accepting cash gifts from customers, and making false or misleading statements on a Form U4. Lemaire was not registered with any FINRA member firm at the time of the AWC.

FINRA Rule 8210 allows FINRA to require brokers and other persons under its jurisdiction to provide information, documents, and on-the-record testimony during an investigation, and it prohibits anyone from refusing to do so. A violation of Rule 8210 also violates FINRA Rule 2010, which requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Because FINRA depends on these requests to investigate potential misconduct, a complete refusal to cooperate typically results in a bar. For example, a broker would violate these rules by ignoring a FINRA letter requesting bank statements, or by telling FINRA through a lawyer that he will not appear for testimony.

According to FINRA, the case began with its review of the Form U5 that Raymond James filed in July 2025. On January 21, 2026, as part of its investigation into Lemaire's borrowing from senior customers and other financial transactions with customers, FINRA sent her a request for information and documents. Lemaire did not ask for more time and did not provide any of the requested information or documents. During a May 2026 phone call between her counsel and FINRA staff, Lemaire acknowledged that she received the request and stated that she would not produce the materials. Her refusal left FINRA without her records of the transactions, and the resulting bar prevents her from working for any FINRA member firm.

Lufrano Law, LLC is a national investment litigation firm and has experience representing investors who have investment disputes with brokers and broker-dealers. Please contact us at (800) 627-2179 for more information if you have been the victim of investment negligence or fraud.

The content on this site reflects personal opinions and does not constitute statements of fact. No findings have been made against the firms or individuals mentioned. This blog is intended solely for educational purposes, drawing on publicly available information to provide general insights and a basic understanding of the law. It is not a substitute for legal advice.