Raymond James Financial Services, Inc. has agreed to pay $123,279 in restitution for the victims of excessive trading practices by its Bend representative, Gary Dodds. The Oregon Division of Financial Regulation has also issued Raymond James civil penalties in the amount of $220,000.

Dodds was a registered representative and financial adviser with Raymond James in Bend from 2011 to 2019.

Dodds is alleged to have conducted in “churning,” a method of excessive trading to receive additional commissions on several of his clients’ accounts from 2016 to 2018, according to a release from the Oregon Department of Consumer & Business Services.

An investigation revealed Dodds made unsuitable recommendations and sales of securities for his clients and failed to maintain proper documentation of his trading activities. It also concluded that Raymond James Financial Services was aware of Dodds’ actions, but did not take adequate corrective steps.

As part of the order, Dodds agreed to not apply for any financial services license or registration in Oregon for five years.