Fact: GrandPrix approached the brother of a Raymond James Financial Advisor about investing in his newly formed company
Fact: The Raymond James Financial Advisor advised GrandPrix that he had nothing to do with his brother's company and that he would have to deal directly with his brother, but advised againt the purchase. GrandPrix insisted on investing in the company
Fact: GrandPrix purchased shares directly from the Financial Advisor's brother, signed a statement stating he understood this was not an investment being offered by, solicited by or followed by Raymond James
Fact: The company went bankrupt and now he expects Raymond James to pay him for his loss.
Fact: GrandPrix has NO case. There is a reason Raymond James, the NASD, SEC, CNBC, NBC,various states, etc. never reply back to GrandPrix-They don't have time to deal with senseless idiots like him.
You know... I dont know this GrandPrix dude but I will say this... I think he has valid reason to be angry... it appears that he, like many others, have lost alot of money and we are all just looking for an explination as to what happened.....
And what makes you so sure that this transaction was unsoliciated by and RJF representative... because I dont believe tht to be totally true..... It sounds to me like on brother bought the coffin and the other put the body in it and they both nailed it shut....
"You know... I dont know this GrandPrix dude but I will say this... I think he has valid reason to be angry... it appears that he, like many others, have lost alot of money and we are all just looking for an explination as to what happened"
All I can say to that is: A fool and his money are soon parted. Invest at your own risk and always be suspicious!
You're a financial advisor, and your brother is starting up his own business called DeathRowDating.com (I don't know if that's actually a site, but I wouldn't be surprised), and he's selling stock to raise capital. Having known your brother all his life, you know he's about as knowledgeable about the business world as Dubya is about the economy, so you're not about to recommend his pre-doomed venture to anyone. Now, out of the blue, here comes this guy who thinks "Hey, this could be one heck of an investment!" Knowing you're the sibling of the CEO, he comes to you and asks you to facilitate the purchase of shares of your brother's company. You warn the individual off of the investment, but he feels that your brother's brainchild could be the next Enron... uh, well, before the implosion. Seeing as how the guy is insistent, and seeing as how your brother is harping on you for capital to build his business, you agree to facilitate the trade, but only after your new client signs a document stating that you, the broker, did not solicit this transaction, and that you, the broker, are not responsible for any losses that may be incurred as a result of this transaction. Fast-forward to six months later. Your brother's business has tanked; it seems that death-row inmates don't make good long-term clients, for whatever reason. Imagine that... anyway, all the client's money is gone, kaput, see-ya-later. So one morning, as you're sipping your Starbucks cafe latte, here comes the client, pissed as all hell and wanting YOU to compensate him for his stupidity, even though he already signed an agreement that holds you harmless for his losses.
Now, my friend, does that seem fair to you? Think about it.