Securities Exchange Act of 1934
Release No. 34-53572 / March 30, 2006

Administrative Proceeding File No. 3-11692

In the Matter of

RAYMOND JAMES
FINANCIAL SERVICES, INC.
AND J. STEPHEN PUTNAM

Respondents.


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NOTICE OF PROPOSED PLAN OF DISTRIBUTION AND OPPORTUNITY FOR COMMENT

Notice is hereby given, pursuant to Rule 1103 of the Securities and Exchange Commission's Rules of Practice, that the Division of Enforcement has filed its proposed plan ("Distribution Plan") for the distribution of monies placed into a Fair Fund, pursuant to Section 308(a) of the Sarbanes Oxley Act of 2002, in the Matter of Raymond James Financial Services, Inc. and J. Stephen Putnam, Admin. Proc. File No. 3-11692. On November 21, 2005, after a hearing in this matter before an administrative law judge, the Commission found Respondent Raymond James Financial Services, Inc. ("RJFS") liable for fraud and failure to supervise. The Commission ordered RJFS to pay a penalty of $6,900,000, disgorgement of $5,866.25, and prejudgment interest on the disgorgement amount ($1,866.76), for a total of $6,907,733.01. The Fair Fund was funded by RJFS's payment of this amount on November 22, 2005. The Distribution Plan generally provides for distribution to Robert Fitzhenry and Malcolm Monlezun, the two individuals that were found to have been harmed by RJFS's securities violations. The Distribution Plan also provides that the funds in the Fair Fund will be allocated between Fitzhenry and Monlezun on a pro rata basis, based upon the ratio of (a) the amount that each investor lost by virtue of RJFS's conduct to (b) the total lost by both of them. A copy of the Distribution Plan may be obtained by going to http://www.sec.gov/litigation/admin/34-53572-pdp.pdf or by submitting a written request to Luke T. Cadigan, Senior Trial Counsel, United States Securities and Exchange Commission, 33 Arch Street, 23rd Floor, Boston, Massachusetts, 02110. All persons desiring to comment on the Distribution Plan may submit their views, in writing, no later than May 1, 2006:

  1. to the Office of the Secretary, U. S. Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090;

  2. by using the Commission's Internet comment form (http://sec.gov/litigation/admin.shtml); or

  3. by sending an e-mail to rule-comments@sec.gov. Please include File Number 3-11692 on the subject line.

For the Commission, by its Secretary, pursuant to delegated authority.

Nancy M. Morris
Secretary