From at least January 2018 through October 2024, Raymond James failed to report approximately 2.56 million fractional share liquidations to the FINRA/Nasdaq Trade Reporting Facility (TRF) and the Over-the-Counter Reporting Facility (ORF), in violation of FINRA Rules 6380A, 6622, and 2010. From at least January 2018 through October 2024, Raymond James failed to establish and maintain a supervisory system reasonably designed to comply with its reporting obligations for fractional share trades, in violation of FINRA Rules 3110 and 2010.

Between September 2025 and October 2025, Hudec forged the initials of three customers on each of their brokerage account opening forms and forged the signature of another customer on an advisory account opening form. By forging customer initials and a signature, Hudec violated FINRA Rule 2010. For this violation, Hudec is suspended in all capacities for three months and fined $5,000.