Boca Raton Florida Stockbroker Misconduct Attorney - Law Offices of Robert Wayne Pearce

508 search results found for “Boca Raton Florida Stockbroker Misconduct Attorney”

Nov 7, 2021

Boca Raton, Florida FINRA Securities Arbitration Attorney

Did Dawson James Securities Cause You Investment Losses? Dawson James Securities of Boca Raton, Florida submitted a Letter of Acceptance, Waiver and Consent to the Financial Industry Regulatory Authority in which they were fined $20,000 and ordered to pay $7,083.93, plus interest, in restitution. The sanctions were based on findings that Dawson James charged customers excessive commissions in violation of FINRA Rules 2121 and 2010. Dawson James has been a member of FINRA since 2004 and currently employs approximately 40 registered representatives. According to FINRA’s findings, from June 2015 through April 2020, Dawson James allegedly charged customers $7,083.93 of commissions on a total of 236 transactions. The findings state that the commissions charged were unreasonable and excessive considering that they ranged from approximately five percent to 66 percent of the transactions’ principal value. In addition, FINRA states that if a member acts as an agent for his customer, the member shall not charge his customers more than a fair commission or service charge, taking into consideration all relevant circumstances. FINRA Rule 2010 requires that “[a] member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.” A violation of FINRA Rule 2121 constitutes a violation of FINRA Rule 2010. FINRA Rule 2121 Supplementary Material .01 set a guideline of five percent for determining whether a commission is unfair or unreasonable. However, the “5% Policy” is a guide, not a rule. A commission pattern of five percent or even less may be considered unfair or unreasonable. Do You Need a Florida FINRA Securities Arbitration Attorney? Are you a Boca Raton, Florida investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Florida stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced FINRA Securities Arbitration Attorneys Serving Boca Raton, Florida Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Florida and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Dec 28, 2020

Boca Raton, Florida FINRA Securities Arbitration Lawyer

Did ViewTrade Securities, Inc. Cause You Investment Losses? ViewTrade Securities, Inc. of Boca Raton, Florida was censured and fined $25,000 for allegedly selling returned shares to investors who did not have unfilled orders as required and failed to send confirmation to investors who purchased shares. Due to the misconduct, the firm was in violation of Rule 10b-10 of the Securities Exchange Act and FINRA Rules 5131(d)(3), 2232 and 2010. Since 1999, ViewTrade has been a FINRA member firm and employs approximately 40 registered representatives. According to the FINRA findings, ViewTrade was the lead placement agent in connection with an initial public offering (IPO). The findings stated that after the offering was closed, the firm began contacting investors to reduce their subscription amounts because it exceeded the maximum share cap. The findings stated that due to the cancellations, 4,525 shares were returned to ViewTrade and sold to two investors who gained a profit of $30,428.75 instead of the 17 investors who had unfilled orders. In addition, ViewTrade allegedly failed to provide trade confirmations to 113 investors in the offering. FINRA Rule 5131 governs new issue allocations and distributions. Specifically, Rule 5131(d)(3) addresses circumstances when new issue shares, trading at a premium in the secondary market, are returned to the agent or underwriter who participated in the distribution of the shares. Under that section, the member firm participating in a distribution of new issue shares is required to have an agreement in place to appropriately handle “any shares trading at a premium to the public offering price that are returned by a purchaser . . . after secondary market trading commences.” The Rule requires that when such shares are returned, the firm must use them to offset any existing syndicate short position or, if no short position exists, either (1) offer the returned shares “at the public offering price to unfilled customers’ orders pursuant to a random allocation methodology,” or (2) sell the shares on the secondary market and donate the profits to an unaffiliated charitable organization anonymously to avoid any reputational benefit to the member. Exchange Act Rule 10b-10 and FINRA Rule 2232 require broker-dealers to “give or send” customers specified information at or before the completion of securities transactions (confirmation). Do You Need a Boca Raton, Florida FINRA Securities Arbitration Attorney? Are you a Boca Raton, Florida investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Boca Raton, Florida stockbroker or investment advisor misrepresent facts, fail to disclose facts making the statements made false and misleading, recommend unsuitable investments or strategies, excessively trade or churn, mismanage your investment account or engage in other kinds of stockbroker misconduct? If so, you need representation by an experienced, highly-rated and nationally recognized FINRA securities arbitration attorney—a lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other complex legal issues. Free Initial Consultation With Experienced FINRA Securities Arbitration Lawyers Serving Boca Raton, Florida Residents In FINRA Arbitration Proceedings At The Law Offices of Robert Wayne Pearce, P.A. we represent investors in all kinds of securities, commodities and investment law disputes in FINRA, AAA and JAMS arbitration and mediation proceedings. Attorney Pearce and his staff represent investors throughout Florida, and across the United States on a CONTINGENCY FEE basis which means you pay nothing – NO FEES-NO COSTS – unless we put money in your pocket after receiving a settlement or FINRA arbitration award. Se habla español For dedicated representation by Attorney Pearce with over 40 years of experience and success in all kinds of securities, commodities and investment law disputes serving Florida citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.

Nov 12, 2020

Former NMS Capital Advisors Stockbroker Jeffrey Hall Heely Suspended for Engaging in Outside Business Activities

Jeffrey Hall Heely of Tiburon, California submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he allegedly engaged in an undisclosed outside business activity in violation of FINRA Rules 3270 and 2010. From June 2018 until May 2019, Jeffrey Hall Heely was registered with NMS Capital Advisors as a General Securities Principal and a General Securities Representative. According to FINRA, between January and May 2019, Heely entered into a contract with another company and solicited fourteen potential investors to invest in a private placement offering of senior secured notes. The findings stated that Heely allegedly conducted the activities through a personal email address and received $17,000 as compensation. In addition, Heely allegedly denied having engaged in any outside business activities to his firm. Heely is not currently registered or associated with a member but remains subject to FINRA’s jurisdiction pursuant to Article V, Section 4 of FINRA’s By-Laws. FINRA Rule 3270 provides that “no registered person may be an employee, independent contractor, sole proprietor, officer, director or partner of another person, or be compensated, or have the reasonable expectation of compensation, from any other person as a result of any business activity outside the scope of the relationship with his or her member firm, unless he or she has provided prior written notice to the member, in such form as specified by the member.” A violation of FINRA Rule 3270 also constitutes a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Jeffrey Hall Heely was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for two months. The suspension was in effect from May 4, 2020, through July 3, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from outside business activities, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like NMS Capital Advisors, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your NMS Capital Advisors account due to misconduct by your broker? Was Jeffrey Hall Heely your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against NMS Capital Advisors stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

FINRA Complaint filed against SW Financial Stockbroker William James W. Flower for Misconduct

James W. Flower of Melville, New York was named respondent of a FINRA complaint alleging that he allegedly churned/excessively traded customer’s accounts in violation Section 10(b) of the securities Exchange Securities Act of 1934, Rule 10b-5 and FINRA Rules 4511, 2111, 2020 and 2010. From January 1, 2016 and July 31, 2018, James W. Flower was registered with SW Financial as a General Securities Representative. According to the FINRA findings, Flower allegedly exercised de-facto control in five customer accounts without authorization or approval which resulted in excessive and quantitatively unsuitable trading. The FINRA findings stated that the trading made it near impossible for any customers to make a profit due to the cost-to-equity ratios, high annualized turnover rates, losses totaling over $220,000. In addition, FINRA’s complaint further alleges that Flower received more than $210,000 in commissions and fees and caused his firm’s books and records to be inaccurate by mismarking the transactions as unsolicited. James William Flower is currently registered with FINRA and is therefore subject to FINRA’s jurisdiction. Churning is a manipulative and deceptive device that violates Section 10(b) of the Exchange Act, Securities Exchange Act Rule 10b-5, and FINRA Rules 2020 and 2010. It is fraudulent conduct that occurs in a broker-customer relationship when (i) a broker controls his customer’s account; (ii) the trading in the account is excessive in light of the customer’s investment objectives; and (iii) the broker acts with scienter, i.e., with intent to defraud or with reckless disregard of the customer’s interests. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from churning/excessive trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like SW Financial, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your SW Financial account due to churning/excessive trading by your broker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against SW Financial stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Former NEXT Stockbroker Charles Lawrence Doraine Barred for Misconduct

Charles Lawrence Doraine of Corpus Christi, Texas submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to provide information and appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. In March 2007, Charles Lawrence Doraine joined NEXT Financial Group, Inc. as a General Securities Representative. FINRA stated that in September 2019, NEXT filed a Form U5 disclosing Doraine’s voluntary termination. According to the findings, FINRA began an investigation shortly after regarding Doraine’s suspected unsuitable recommendations in several customer’s accounts. The findings stated that the recommendations had resulted in short-term trading in mutual fund shares, municipal bonds, and overconcentration in Puerto Rico municipal bonds. In connection with the investigation, FINRA sent out a request to Doraine to provide and appear for on-the-record testimony in which he allegedly acknowledged but ultimately refused. Charles Lawrence Doraine is no longer associated with any FINRA member firm but remains under FINRA’s jurisdiction. FINRA Rule 8210 states, in relevant part, that FINRA has the right to require a “person subject to FINRA’s jurisdiction to provide information orally, in writing, or electronically . . . with respect to any matter involved in the investigation, complaint, examination or proceeding.” FINRA Rule 8210 also specifies that “no person shall fail to provide information . . . pursuant to this Rule.” A failure to provide information and/or documents requested by FINRA pursuant to Rule 8210 violates Rule 8210. Conduct that violates FINRA Rule 8210 also violates FINRA Rule 2010, which requires associated persons to “observe high standards of commercial honor and just and equitable principles of trade.” Without admitting or denying FINRA findings, Charles Lawrence Doraine was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like NEXT, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your NEXT account due to misconduct by your broker? Was Charles Lawrence Doraine your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against NEXT stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Worden Capital Management Stockbroker David Weisberg Suspended for Excessive & Unsuitable Trading

David Weisberg of Brooklyn, New York submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly engaging in excessive and unsuitable trading in violation of NASD Rule 2510(b) and FINRA Rules 2111 and 2010. From 2016 to 2019, David Weisberg was registered with Worden Capital Management as a general securities representative. According to the FINRA findings, Weisberg persuaded a seventy-three-year old customer to open a margin account and made certain recommendations that involved in-and-out trading. The FINRA findings stated that Weisberg allegedly used discretion in the customer’s account, made twenty-one unauthorized transactions and failed to track the trading costs or take them into consideration. In addition, due to the excessive and unsuitable trading the customer lost approximately $55,627, while Weisberg received commissions of $75,638. Without admitting or denying FINRA’s findings, David Weisberg was assessed a deferred fine of $7,500, suspended from association with any FINRA member in all capacities for 11 months, ordered to pay deferred disgorgement in the amount of $55,627, plus interest, ordered to pay deferred disgorgement of commissions received in the amount of $20,011, plus interest, and required to complete 10 hours of continuing education about excessive trading. The suspension is in effect from May 4, 2020, through April 3, 2021. FINRA Rule 2111 requires associated persons who control a customer’s account to have a reasonable basis for believing that any series of recommended securities transactions, taken together, is not excessive and unsuitable for the customer in light of his or her investment profile, which includes factors such as risk tolerance and time horizon. While no single metric determines whether trading is excessive, trading has often been deemed excessive if its cost-to-equity ratio is greater than twenty percent. NASD Rule 2510(b) prohibits registered persons from “exercising any discretionary power in a customer’s account unless such customer has given prior written authorization to a stated individual or individuals and the account has been accepted by the member.” Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from excessive and unsuitable trading and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Worden Capital Management, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Worden Capital Management account due to excessive & unsuitable trading by your broker? Was David Weisberg your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Worden Capital Management stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Former Janney Montgomery Scott LLC Stockbroker Charles James Euler Jr. Barred for Misconduct

Charles James Euler Jr. of Villanova, Pennsylvania submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for allegedly refusing to appear for on-the-record testimony in violation of FINRA Rules 8210 and 2010. In December of 1984, Charles James Euler Jr. joined Janney Montgomery Scott LLC as a General Securities Representative, General Securities Principal, and a Financial and Operations Principal. According to FINRA findings, a form U5 was filed reporting Charles James Euler Jr. voluntarily resigned from the firm in April of 2018. The FINRA findings stated that a request was sent to Euler on March 12, 2020 for an on-the-record testimony regarding an investigation reporting Euler allegedly made unsuitable recommendations. In addition to these findings, an email was sent to FINRA staff the following day which allegedly stated that Euler refused to appear for the on-the-record testimony at any time. Although Charles James Euler Jr. is no longer registered with any FINRA member firm, he remains under FINRA’s jurisdiction. FINRA Rule 8210(a)(1) states that FINRA may require persons subject to its jurisdiction “to testify at a location specification by FINRA staff, under oath with respect to any matter involved in [an] investigation” authorized by the FINRA By-Laws or rules. FINRA Rules 8210(c) states that “[n]o person shall fail to provide testimony pursuant to this Rule.” A violation of FINRA Rule 8210 is also a violation of FINRA Rule 2010. Without admitting or denying FINRA’s findings, Charles James Euler Jr. was barred from association with any FINRA member in all capacities. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from misconduct by their broker can file claims to recover damages against broker-dealers, like Janney Montgomery Scott LLC, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Janney Montgomery Scott LLC account due to misconduct by your broker? Was Charles James Euler Jr. your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Janney Montgomery Scott LLC stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

Former Oppenheimer & Co. Stockbroker Brian Douglas Engstrom Suspended for Unsuitable Recommendations

Brian Douglas Engstrom of Tampa, Florida submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegedly making unsuitable recommendations in violation of NASD Rule 2310 and FINRA Rules 2111 and 2010. In 2002, Brian Douglas Engstrom joined Oppenheimer & Co. as a General Securities Representative and a General Securities Sales Supervisor. According to the FINRA findings, Engstrom allegedly engaged in an unsuitable pattern of short-term trading of early rollovers of Unit Investment Trusts (UITs). The findings stated that Engstrom made recommendations to his customers to roll over UITs prior to their maturity date in order to purchase a subsequent series on 1,000 separate occasions. The findings also stated that each new UIT had similar investment objectives and strategies as the prior series which resulted in each customer incurring unnecessary sales charges. Engstrom’s customers received reimbursement of these excess sales charges from his member firm in connection with FINRA’s separate settlement with it. A UIT is a SEC-registered investment company that offers investors shares or “units” in a fixed portfolio of securities via a one-time public offering. A UIT terminates on a specified maturity date, often after 15 or 24 months, at which point the underlying securities are sold and the resulting proceeds are paid to the investors. UITs impose a variety of upfront sales charges and a registered representative who recommended the sale of a customer’s UIT before its maturity date and used the sale proceeds to purchase a new UIT would cause the customer to incur greater sales charges than if the customer had held the UIT until maturity. Without admitting or denying FINRA’s findings, Brian Douglas Engstrom was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for three months. The suspension was in effect from April 20, 2020, through July 19, 2020. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unsuitable recommendations and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Oppenheimer & Co., which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your Oppenheimer & Co. account due to unsuitable recommendations by your broker? Was Brian Douglas Engstrom your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against Oppenheimer & Co. stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 12, 2020

PFS Investments Inc. Stockbroker Albert Harkless III Barred for Misconduct

Albert Harkless III of Oxon Hill, Maryland submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was barred for conversion and misrepresentations in violation of FINRA Rules 2150 and 2010. In July of 1996, Albert Harkless III joined PFS Investments Inc. in which he was licensed as an Investment Company and both a Variable Contracts Products Representative and Principal. According to FINRA findings, a Form U5 was filed in October 2018 communicating the termination of Harkless for participating in the alleged unauthorized transactions and making misrepresentations. The FINRA findings state that Albert Harkless III allegedly solicited a customer to invest $6,100 to secure 406 shares in the firm’s parent company. Without the customer’s agreement or consent, he only purchased 150 shares for Company 1 for $2,980 and transferred the balance of the customer’s funds of $3,120 to his personal account. In addition, Harkless allegedly stated company shares were only obtainable for purchase by employees and there is a five-year sale limitation on purchases of Company 1 shares which is inaccurate. FINRA Rule 2150 provides that no person associated with a member firm shall make improper use of a customer’s securities or funds. Conversion is the intentional and unauthorized taking of and/or exercise of ownership over property by one who neither owns the property nor is entitled to possess it. FINRA Rule 2010 requires FINRA members and associated persons to observe high standards of commercial honor and just and equitable principles of trade. Without admitting or denying FINRA’s findings, Albert Harkless III was barred from association with any FINRA member firm. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from unauthorized transactions and/or other misrepresentation by their broker can file claims to recover damages against broker-dealers, like PFS Investments Inc., which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your PFS Investments Inc. account due to unauthorized transactions and/or misrepresentations by your broker? Was Albert Harkless III your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against PFS Investments Inc. stockbrokers who may have engaged in broker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

Nov 11, 2020

J. P. Morgan Securities, LLC Sued for San Francisco Financial Advisor Edward Turley’s Alleged Misconduct

J. P. Morgan Securities, LLC (“J. P. Morgan”) employed San Francisco Financial Advisor Edward Turley (“Mr. Turley”) and it is being sued for his alleged misconduct involving a highly speculative trading investment strategy in highly leveraged accounts. We represent a family in the Midwest who built a successful manufacturing business and entrusted their savings to J. P. Morgan and its financial advisor and lost millions of dollars. We have filed a FINRA arbitration proceeding on behalf of our clients against the brokerage firm and summarized the allegations below. Mr. Turley and one of our clients were members of the Citation Jet Pilot Owners Association (“CJP”). Our clients were solicited to open accounts with J. P. Morgan along with other CJP members. This is the fourth case filed against J. P. Morgan for Mr. Turley’s alleged misrepresentations and misleading statements relating to recommended investments and an investment strategy that were not only allegedly unsuitable but allegedly mismanaged by the J.P. Morgan investment adviser and stockbroker in clients’ accounts. Mr. Turley allegedly exercised discretion without written authority and when he allegedly took control of Claimants’ accounts, he engaged in a speculative, over-leveraged fixed income investment strategy involving excessive trading of high yield “junk” bonds, foreign bonds, preferred stocks, exchange traded funds (“ETFs”), master limited partnerships (“MLPs”), and foreign currencies. In June 2019, Claimants allege Mr. Turley recklessly increased the risks (market, over-concentration, interest rate, leverage, commodities, and foreign currency) to which Claimants and their accounts were exposed. He made a multi-million dollar investment in unregistered Nine Energy notes rated B- (speculative) and many more speculative investments in Claimants’ accounts. Mr. Turley turned over the fixed income assets with new investments in “new issue” preferred stocks underwritten by J.P. Morgan, for which he allegedly received “seller concessions” paid at a much higher percentage than regular commissions on other securities transactions. The Claimants’ entire portfolio became over-concentrated in the financial and energy sectors. The leverage was increased and the Claimants’ accounts became ticking time bombs ready to explode at any moment, and indeed they did explode in March 2020 when the market collapsed, and Claimants realized substantial losses in their accounts. Stockbrokers have been known to engage in many practices that may violate industry and firm rules, practices, and procedures. In order to protect investors from stockbroker fraud and other stockbroker misconduct, FINRA rules require brokerage firms to establish and implement a supervisory system. The implementation of these industry rules requires supervisors to monitor their employees to ensure compliance with federal and state securities laws, securities industry rules and regulations, and the brokerage firm’s own policies and procedures. If broker-dealers and/or their supervisors fail to establish and implement these protective measures, they may be liable to investors for damages which flow from the broker’s misconduct. Therefore, investors who have suffered losses stemming from a misrepresented investment, an unsuitable recommendation, and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like J. P. Morgan Securities, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct. Have you suffered losses in your J. P. Morgan account due to a misrepresented investment, an unsuitable recommendation, and/or an over-concentrated account that was mismanaged by your broker? Was Edward Turley your stockbroker? If so, call Robert Pearce at the Law Offices of Robert Wayne Pearce, P.A. for a free consultation. Mr. Pearce is accepting clients with valid claims against J. P. Morgan stockbrokers who may have engaged in stockbroker fraud and other stockbroker misconduct and caused investors’ losses. The most important of investors’ rights is the right to be informed! This Investors’ Rights blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 40 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors’ rights throughout the United States and internationally! Please visit our website, www.secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at pearce@rwpearce.com for answers to any of your questions about this blog post and/or any related matter.

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