A Dallas district court upheld a $1.7 million FINRA arbitration panel’s penalty against Raymond James Financial Services over how a former independent contractor handled the finances of an elderly Texas man and the estate of his deceased wife.

The Texas man’s attorney announced the district court’s October decision earlier this week. In its two-page decision, the court supported the arbitration panel’s finding in May that the advisor, Paul Davis, had improperly managed the elderly couple’s portfolio using life insurance and variable annuities.

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