HAMILTON, OHIO (CN) – Raymond James Financial Services aided and abetted a seven-year Ponzi scheme in which Jerry Rose took millions of dollars from 200 investors, many of them retirees, for which Rose was sentenced to 20 years in prison, a class action claims in Butler County Court.
Plaintiffs claim Rose was not a registered investment adviser but claimed to be running a “private mutual fund, illegally pooling the money from these investors and investing it with Defendants.” They claim Raymond James was “fully aware of Rose’s unlawful actions, and provided Rose with substantial assistance, encouragement, and the instrumentalities to facilitate the unlawful sales. … (S)ubstantially all of the funds invested by Plaintiffs and members of the Class have been lost. Plaintiffs, and other members of the Class, include elderly retirees who were dependent upon the money squandered by Rose and Defendants for their everyday living expenses.”
Plaintiffs are represented by Richard Wayne with Strauss & Troy of Cincinnati.