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by Hartley Bernstein

Business Brokerage The SEC holds Raymond James Financial Services accountable for the conduct of a crooked broker and his wife.

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Online Brokerage Oct 9, 2004 (AXcess News) New York - A former Raymond James Financial Services broker teamed with his wife in a scheme that defrauded investors out of approximately $16.5 million - and the Securities and Exchange Commission is holding the brokerage firm and two of its former principals responsible.

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Real Estate Broker The Securities and Exchange Commission has charged Florida-based brokerage firm, Raymond James Financial Services, with fraud based upon the conduct of one of its former brokers, Dennis Herula. The SEC says that between November 1999 and March 2000, Herula and his cohorts, including his wife, an attorney named Mary Lee Capalbo Herula, fraudulently induced investors to deposit about $44.5 million in an account held at Raymond James in the name of Brite Business Corporation.According to the SEC, investors were assured that they were participating in a no-risk investment that would yield high returns as a result of a sophisticated trading program. Herula, acting in his capacity as a Raymond James registered representative, allegedly used Raymond James' facilities and letterhead to carry out the scheme. In at least one case, Herula promised a return of 120% within a three month period.In the end, investors realized none of the promised returns. Instead, most of the funds were transferred to an account at Raymond James controlled by Mrs. Capalbo Herula, and over $16.5 million was dissipated.

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Agency Brokerage Spark Regulators allege that Raymond James, J. Stephen Putnam, the firm's former president and chief operating officer, and David Ullom, Herula's former branch manager, enabled the scheme to proceed by ignoring obvious warning signs and failing to properly supervise the broker. In particular, Raymond James effectively partnered with Brite Business in a "balance sheet enhancement program" designed to embellish the appearance of the Brite Business financial statements. Under this scheme, Brite Business purchased Treasury bills on margin using investor funds held in the Raymond James

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Brokerage Account The purported purpose of the program was to create the appearance that Brite Business had a robust balance sheet that would support its bids on third-world development projects. Despite some misgivings, Putnam and Ullom went along with the arrangement, capturing almost $1.8 million in fees and margin interest for Raymond James.

Stock Broker The SEC Order alleges that Putnam and Ullom failed to take timely steps to halt Herula's activities and in fact facilitated the illegal activities by approving transfers from Brite Business to Herula's wife. The Commission previously brought fraud charges against Herula and others in connection with the Brite Business scheme on April 1, 2002. A Rhode Island federal court froze Herula's assets and subsequently granted the Commission's request for a default judgment against Herula on Oct. 17, 2002.

Brokerage Online Stock Trading Herula is presently in federal prison in Colorado awaiting trial on related criminal charges.Source:

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