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James Parrelly Formerly With Investment Planners, Inc. And First Midwest Securities Has 8 Customer Complaints For Alleged Broker Misconduct

Who is James Parrelly formerly with Investment Planners, Inc.?

James Parrelly (CRD #728368) who was formerly registered with Investment Planners, Inc. and First Midwest Securities and located in Dearborn, Michigan is a subject of one of our many securities industry sales practice abuse investigations. Prior to Investment Planners, Inc., James Parrelly was associated with First Midwest Securities and other investment advisory and brokerage firms with a history of customer complaints and securities industry regulatory problems.

James Parrelly has had his share regulatory problems. He was suspended and fined twice by FINRA. The first time he was suspended for mutual fund share abuse. Most recently, he was suspended for executing discretionary transactions in a customer’s account without written authorization from the customer or written approval from his member firm.

James Parrelly Customer Complaints

James Parrelly has been the subject of 8 customer complaints that we know about. One of the customer complaints resulted in a lawsuit and the judgment being entered in favor of the investor. Six of James Parrelly’s 8 customer complaints was settled in favor of investors. There is currently one pending customer complaint filed against Investment Planners, Inc. for investment losses caused by James Parrelly’s alleged misconduct.

Allegations Against James Parrelly

A sample of the allegations made in the FINRA reported arbitration claim settlements and/or pending complaints for investment losses are as follows:

  • Client alleged unauthorized, unsuitable and discretionary trading, churning and excessive commissions made by James Parrelly.
  • Statement of Claim alleges churning, negligence of duty and unsuitable investments by James Parrelly.
  • Unsuitable, high risk, speculative trading, breach of contract, fraud, promissory estoppel, negligence, malpractice, breach of fiduciary duty, breach of Michigan Securities Law allegedly committed by James Parrelly.

James Parrelly Red Flags & Your Rights As An Investor

Of course, James Parrelly did not admit to any of the allegations. But regardless of whether an arbitration award was entered, a settlement occurred, or the customer complaint is still pending, the allegations made by customers are red flags which should put all current and former customers of James Parrelly at Investment Planners, Inc. and First Midwest Securities on alert to review carefully the activity and performance of their accounts and question whether James Parrelly has engaged in any stockbroker misconduct that may have caused them investment losses. The large number of customer complaints at Investment Planners, Inc. and First Midwest Securities also raises questions about the brokerage firms’ supervisory practices. If these red flags raise questions, call us and we will inform you of your rights as an investor.

File A Claim To Recover Your Investment Losses At Investment Planners, Inc. Due To James Parrelly

If you have questions about Investment Planners, Inc., First Midwest Securities, and/or James Parrelly and the management or performance of your accounts, please contact Attorney Pearce for a free initial consultation via email or Toll Free at 1-800-732-2889.

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Robert Wayne Pearce

Robert Wayne Pearce of The Law Offices of Robert Wayne Pearce, P.A. has been a trial attorney for more than 40 years and has helped recover over $170 million dollars for his clients. During that time, he developed a well-respected and highly accomplished legal career representing investors and brokers in disputes with one another and the government and industry regulators. To speak with Attorney Pearce, call (800) 732-2889 or Contact Us online for a FREE INITIAL CONSULTATION with Attorney Pearce about your case.

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