Mahwah, New Jersey stockbroker John Joseph Cahill submitted a Letter of Acceptance, Waiver and Consent (AWC) in which he was barred from association with the Financial Industry Regulatory Authority in all capacities for failing to appear for an on-the-record testimony or provide documentation in connection to an ongoing FINRA investigation. FINRA alleged that while Mr. Cahill was a General Securities Representative (GSR) for Janney Montgomery Scott LLC, he allegedly converted funds belonging to an elderly customer.
After being terminated from his firm, an investigation began which required Cahill to provide documents, information, and testimony in connection with the investigation. While Cahill acknowledged he received the requests from FINRA to provide this information, he refused to provide anything. In refusing to produce documents and information as requested, Cahill violated FINRA Rules 8210 and 2010. Without admitting or denying the FINRA findings, Cahill also consented to the imposed sanctions and was barred from association with any FINRA member in any capacity.
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 converted funds and/or other misconduct by their broker can file claims to recover damages against broker-dealers, like Janney Montgomery Scott, which should consistently oversee its brokers’ activities in order to prevent the above-described misconduct.
Have you suffered losses in your Janney Montgomery Scott account due to conversion of funds by your broker? Was John Joseph Cahill 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 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 firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.