UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

SECURITIES ACT OF 1933
Rel. No. 8636 / November 21, 2005

SECURITIES EXCHANGE ACT OF 1934
Rel. No. 52810 / November 21, 2005

ADMINISTRATIVE PROCEEDING
File No. 3-11692

NOTICE THAT INITIAL DECISION HAS BECOME FINAL

The time for filing a petition for review of the initial decision in this proceeding has expired. No such petitions have been filed with respect to Raymond James Financial Services, Inc. ("Raymond James") and J. Stephen Putnam and the Commission has not chosen to review the decision as to them on its own initiative.

Accordingly, notice is hereby given, pursuant to Rule 360(e) of the Commission's Rules of Practice, that the initial decision of the administrative law judge¹ has become the final decision of the Commission with respect to Raymond James Financial Services, Inc. and J. Stephen Putnam. The orders contained in that decision with respect to them are hereby declared effective. The orders in the initial decision required that (a) Raymond James disgorge $5,866.25, plus prejudgment interest from January 1, 2001, through the last day of the month preceding the month in which payment is made; (b) Raymond James pay a civil penalty of $6,900,000; (c) J. Stephen Putnam pay a civil penalty of $200,000; (d) J. Stephen Putnam be suspended from association with any broker, dealer, or investment adviser in any supervisory capacity for a period of ninety days;² (e) a Fair Fund pursuant to Rule 1100 of the Commission's Rules of Practice shall be established; (f) the allegation that Raymond James violated Section 17(a)(1) of the Securities Exchange Act of 1934 and Exchange Act Rule 17a-4 be dismissed; and that (g) the request of the Division of Enforcement that Raymond James be ordered to cease and desist from violations of Section 17(a) of the Securities Act of 1933 and Sections 10(b) and 17(a) of the Securities Exchange Act of 1934 and Exchange Act Rules 10b-5 and 17a-4 be denied.

Payment of disgorgement, interest, and civil penalties shall be made within 30 days of this notice by certified check, U.S. Postal money order, bank cashier's check, or bank money order payable to the Securities and Exchange Commission. The check and a cover letter identifying the Respondents and the proceeding designation, Administrative Proceeding File No. 3-11692 should be mailed or delivered by hand to the Office of Financial Management, Securities and Exchange Commission, Operations Center, 6432 General Green Way, Stop 0-3, Alexandria, Virginia 22312. A copy of the cover letter should be sent to Luke T. Cadigan, Ian D. Roffman, Bradford E. Ali, and Dawn A. Edick, Division of Enforcement, Boston District Office, United States Securities and Exchange Commission, 73 Tremont Street, Suite 600, Boston, Massachusetts 02108-3912.

For the Commission by the Office of the General Counsel, pursuant to delegated authority.

Endnotes

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¹ Raymond James Financial Services, Inc., et. al, Initial Decision Rel. No. 296 (Sept. 15, 2005), ___ SEC Docket ___.

² Putnam's suspension shall be effective at the opening of business on December 5, 2005.

http://www.sec.gov/litigation/aljdec/33-8636.htm