Our firm is investigating Emerson Equity LLC stockbroker James John Raia (CRD# 2397301) of Irvine, California for potential investment-related misconduct.
Stockbroker’s Career History
According to FINRA BrokerCheck, James John Raia has been registered in the securities industry since 1996. His current registration is with Emerson Equity LLC, where he has been registered since May 7, 2025. Before joining Emerson Equity LLC, Raia was registered with Moloney Securities Co., Inc. from February 2018 through June 2025, Summit Brokerage Services, Inc. from September 2015 through February 2018, J.P. Turner & Company, L.L.C. from December 2009 through September 2015, GunnAllen Financial, Inc. from February 2005 through December 2009, Greenpoint Securities LLC from January 2004 through December 2004, Essex National Securities, Inc. from October 1997 through January 2004, MetLife Securities Inc. from August 1997 through October 1997, Metropolitan Life Insurance Company from August 1997 through October 1997, Shamrock Financial Services from December 1996 through August 1997, and Continental Broker-Dealer Corp. from March 1997 through July 1997.
James John Raia Fraud Allegations and Investor Complaints Explained
FINRA BrokerCheck reflects a significant disclosure record for James John Raia, including 10 customer disputes and 1 termination disclosure. The customer disputes include 1 pending matter, 5 settled matters, and 4 matters that were withdrawn, denied, or closed with no action. Many of the reported allegations concern suitability, negligence, misrepresentation, corporate debt products, REITs, real estate securities, and annuity-related recommendations.
Pending FINRA Arbitration
One customer dispute remains pending against Raia. BrokerCheck shows that on January 29, 2025, a FINRA arbitration was filed under Docket No. 25-00196, and the complaint was received on February 11, 2025. The allegations are suitability and negligence involving corporate debt investments during 2019 through 2021, with alleged damages of $940,000. Raia’s BrokerCheck statement says he refutes the allegations. Because this matter is still pending, no final determination has been made.
Settled Customer Disputes
BrokerCheck shows several settled matters involving Raia.
A FINRA arbitration filed on March 7, 2024, and received on March 12, 2024, alleged suitability and negligence involving corporate debt investments from 2018 through 2021. The customer claimed damages of $412,600. The matter settled on April 8, 2025, for $192,500, with no individual contribution reported from Raia. BrokerCheck states the broker-dealer settled for business purposes without admitting wrongdoing or liability, and Raia stated that he refuted the allegations.
Another FINRA arbitration filed on May 16, 2023, and received on May 22, 2023, alleged suitability and negligence involving corporate debt investments from 2019 through 2020. The alleged damages were $50,000. The matter settled on December 5, 2024, for $22,378.67, again with no individual contribution by Raia reported.
A third matter, filed on September 23, 2022, and received on October 4, 2022, alleged suitability and negligence involving corporate debt products and sought $30,000 in damages. It settled on June 1, 2023, for $10,000, with no individual contribution reported from Raia.
Earlier disclosures involve real estate securities. In a FINRA arbitration reported against GunnAllen and J.P. Turner & Company, the client alleged unsuitability and misrepresentation in connection with a real estate security. The notice was served on October 28, 2013. The matter settled on April 17, 2014, for $24,500, and BrokerCheck reports that Raia individually contributed that full amount.
Another FINRA arbitration involving GunnAllen Financial Inc. alleged negligence, breach of contract, unsuitable investment recommendations, and misrepresentation involving a real estate security. The notice was served on May 15, 2013, and the case settled on August 7, 2013, for $24,395, which BrokerCheck states Raia individually contributed. Raia stated that he believed the allegations were false and that he acted in good faith.
Other FINRA Disclosures
BrokerCheck also reflects customer disputes that did not end in a settlement.
A written complaint received on December 3, 2025, alleged misrepresentations and suitability issues involving suspended dividends that were not paid as the client anticipated. The products listed were oil and gas investments, real estate securities, and a REIT, with alleged damages of $115,000. That matter was withdrawn on December 8, 2025.
An oral complaint received on January 23, 2024, alleged suitability and negligence involving a real estate security during 2014 through 2016, with alleged damages of $150,000. The matter was withdrawn on February 26, 2024. Raia stated that the client withdrew the complaint and that he refuted the initial claims.
A 2017 written complaint involving J.P. Turner alleged that a client lost appreciation from a diversified mix of mutual funds after being placed into a Phillips Edison REIT, and also alleged that the client surrendered a Jackson annuity after asking for guidance, causing tax consequences. The products listed were real estate securities and variable annuities. The alleged damages were $110,000. That matter was denied on June 21, 2017.
A 2016 written complaint alleged an unsuitable investment in Behringer Harvard REIT I dating back to 2006, with alleged damages of $100,000. BrokerCheck shows that matter was closed with no action on November 21, 2018.
BrokerCheck also shows an employment separation disclosure. Raia was discharged by Green Point Financial on November 17, 2004. The allegation states that the firm believed he failed to comply with “RATE 60.” The product type listed was variable annuities. Raia disputed the allegation and stated that the client moved money from an IRA variable annuity into a GreenPoint Bank IRA before being placed into a Putnam variable annuity with principal protection.
Disclosure Summary
- Pending customer dispute: FINRA arbitration filed January 29, 2025; alleged suitability/negligence involving corporate debt from 2019–2021; alleged damages of $940,000; pending.
- Settled customer dispute: FINRA arbitration filed March 7, 2024; alleged suitability/negligence involving corporate debt from 2018–2021; alleged damages of $412,600; settled for $192,500 on April 8, 2025; settled.
- Settled customer dispute: FINRA arbitration filed May 16, 2023; alleged suitability/negligence involving corporate debt from 2019–2020; alleged damages of $50,000; settled for $22,378.67 on December 5, 2024; settled.
- Settled customer dispute: FINRA arbitration filed September 23, 2022; alleged suitability/negligence involving corporate debt; alleged damages of $30,000; settled for $10,000 on June 1, 2023; settled.
- Settled arbitration: Notice served October 28, 2013; alleged unsuitability and misrepresentation involving a real estate security; alleged damages of $23,128; resolved for $24,500 on April 17, 2014; settled.
- Settled arbitration: Notice served May 15, 2013; alleged negligence, breach of contract, unsuitable investment, and misrepresentation involving a real estate security; compensation of $24,395 on August 7, 2013; settled.
- Withdrawn written complaint: Received December 3, 2025; alleged misrepresentations and suitability issues involving oil and gas, real estate securities, and a REIT; alleged damages of $115,000; withdrawn on December 8, 2025.
- Withdrawn complaint: Received January 23, 2024; alleged suitability/negligence involving a real estate security from 2014–2016; alleged damages of $150,000; withdrawn on February 26, 2024.
- Denied complaint: Received May 25, 2017; alleged losses tied to a REIT purchase and annuity guidance; alleged damages of $110,000; denied on June 21, 2017.
- Closed/no action complaint: Received April 26, 2016; alleged unsuitable investment in Behringer Harvard REIT I from 2006; alleged damages of $100,000; closed/no action on November 21, 2018.
- Employment separation disclosure: Discharged by Green Point Financial on November 17, 2004, over an alleged failure to comply with “RATE 60”; product type listed as variable annuities; discharged.
To obtain a copy of James John Raia’s FINRA BrokerCheck report, visit this link.
Robert Wayne Pearce Is Committed to Recovering Your Investment Losses
FINRA Rule 2111 (Suitability). FINRA Rule 2111 requires brokers to have a reasonable basis to believe a recommendation is suitable for the customer based on the customer’s investment profile. In Raia’s disclosures, multiple complaints alleged unsuitability involving corporate debt products, REITs, and real estate securities. If those recommendations exposed customers to risks that were inconsistent with their needs, objectives, liquidity requirements, or tolerance for loss, Rule 2111 would be directly relevant.
FINRA Rule 2090 (Know Your Customer). FINRA Rule 2090 requires brokers to use reasonable diligence to know the essential facts concerning each customer and each account. Allegations that a customer was placed into inappropriate real estate securities, advised to surrender other holdings, or moved into products carrying tax consequences can raise questions about whether the broker adequately understood the customer’s financial situation and investment goals before making the recommendation.
FINRA Rule 2010 (Standards of Commercial Honor and Principles of Trade). FINRA Rule 2010 requires brokers to observe high standards of commercial honor and just and equitable principles of trade. Allegations of misrepresentation, negligence, and unsuitable recommendations may implicate Rule 2010 when a broker allegedly fails to deal fairly with customers or does not accurately explain material risks, product features, income expectations, or downside exposure.
For over 45 years, Robert Wayne Pearce has helped investors recover losses caused by broker fraud, negligence, and unsuitable recommendations. His firm, The Law Offices of Robert Wayne Pearce, P.A., represents clients nationwide on a no-recovery, no-fee basis. Call (800) 732-2889 or email pearce@rwpearce.com for a free case review with an experienced securities attorney.
