A Financial Industry Regulatory Authority (FINRA) arbitration panel awarded $1.7 million to a Texas man and the estate of his deceased wife, after finding that a former independent contractor at Raymond James Financial Services improperly managed their portfolio using life insurance and variable annuities.

In a May 10 ruling, the panel found that Raymond James failed to properly supervise Paul Davis as he sold the elderly couple life insurance and variable annuity products, according to Tracy Pride Stoneman, a Westcliffe, Colo.-based attorney who represented the Tylers.

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