Connecticut Securities Arbitration Attorney Who Sues Stockbrokers for Selling Away (Selling Unauthorized Investments)
Connecticut has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisor offices, comes the potential for their stockbrokers, financial advisors, and other representatives to recommend investments that were never reviewed nor authorized by their employers and engage in many other types of misconduct which violates Federal and Connecticut securities laws, Financial Industry Regulatory Authority (FINRA) rules as well as stock brokerage firms policies and procedures.
For example, Michael Thomas Lee of Darien, Connecticut submitted a Letter of Acceptance, Waiver and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) in which he was fined and suspended for allegations of participating in an outside business activity in violation of FINRA Rules 3270 and 2010.
Michael Thomas Lee was registered with Kestra Investment Services (Kestra) as a General Securities Representative from June 2014 until February 2017. FINRA findings stated, Mr. Lee engaged in an outside business activity known as the Origin Fund, a prospective ETF fund, without notice to or approval from his firm. According to FINRA, Mr. Lee allegedly solicited potential investors and distributed written materials prepared by his business partner using his personal e-mail and an e-mail address associated with the fund. FINRA found that although none of the individuals invested in the fund, the materials falsely represented that the Origin Fund was a hybrid registered investment advisor with $20 million in assets and that Kestra was sponsoring and providing services to the fund. In addition, FINRA found that Mr. Lee allegedly falsely attested his use of an undisclosed email address to conduct securities business on two annual compliance questionnaires.
Michael Thomas Lee, without admitting or denying FINRA’s findings, was assessed a deferred fine of $12,500 and suspended from associating with any FINRA members in all capacities for one year. The suspension is effective August 5, 2019 through August 4, 2020.Experienced Securities Lawyers Who Represent Investors Sold Unauthorized Investments (Selling Away) In FINRA Arbitrations Throughout Connecticut and Nationwide
Did your Connecticut stockbroker or investment advisor recommend an investment that turned out to be an investment never reviewed or approved by their stockbrokerage firm employer. The stockbrokers who stoop to that level are usually insolvent or uncollectible. And so, the investor’s only recourse is against the brokerage firm employer. But stockbrokerage firms always claim ignorance of the stockbroker’s activities and deny liability for the sale of unauthorized investments which they call Selling Away as if that was an absolute defense. Not so! You will definitely need an experienced attorney who knows the securities laws and how to hold the stockbrokerage firm responsible for their employees Selling Away under legal principles of actual authority, apparent authority, estoppel and failure to supervise. If your attorney knows where to look he/she can often find Red Flags of the alleged unauthorized sales that the firm did not look for, missed or saw and just ignored.
You also need a lawyer knowledgeable of FINRA rules and procedures to handle these FINRA arbitration Selling Away cases involving complex legal issues. By hiring a top rated attorney like Robert Wayne Pearce with over 40 years of experience practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce aggressively represents investors and is one of the best attorneys to help you recover your unauthorized investment losses from stockbrokers, investment advisors and their employers in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in not just Selling Away cases but all kinds of securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as stockbroker fraud and securities misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations. Attorney Pearce and his staff represent investors throughout Connecticut, 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.
The Law Offices of Robert Wayne Pearce, P.A. are highly experienced attorneys who successfully handle Selling Away and other securities investment cases in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by a lawyer with over 40 years of experience and success in all kinds of securities law and investment disputes in FINRA arbitrations serving Connecticut citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.