Minnesota Securities Lawyer for Mutual Fund Investment Disputes
Minnesota has thousands of stock brokerage firms and investment advisory offices. With so many stock brokerage firms and investment advisory offices, comes the potential for their stockbrokers, financial advisors, and other representatives to misrepresent and mislead investors about investing in Mutual Funds and engage in all kinds of stockbroker misconduct which violates Federal and Minnesota securities laws and Financial Industry Regulatory Authority (FINRA) rules as well as the stock brokerage firms policies and procedures.
For example, James Merle Culbertson, a former broker at Minneapolis, Minnesota based Ameriprise Financial Services, Inc., submitted a Letter of Acceptance, Waiver and Consent in which he agreed to the described penalties and to the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he had conversations with customers concerning securities transactions he was recommending; and in these conversations, Mr. Culbertson omitted or misrepresented important information regarding the transactions. FINRA’s findings stated that Mr. Culbertson circumvented his firm’s supervisory review pertaining to mutual fund transactions he effected by not submitting the appropriate documentation or by submitting incomplete or incorrect documentation for the firm’s review. The firm required its registered representatives, including Mr. Culbertson, to complete and submit documentation concerning certain mutual fund transactions. The firm applied these procedures to ensure that it reviewed the proposed transactions for suitability and to ascertain that the registered representative recommended the appropriate share class for purchases.
According to FINRA, Mr. Culbertson serviced customers’ non-discretionary accounts. Mr. Culbertson received these customers’ orders but did not timely enter the orders for transactions in the customers’ accounts. Without re-confirming the trades with the customers, Mr. Culbertson instead entered the orders in their accounts on a discretionary basis. FINRA also found that based on Mr. Culbertson’s recommendation, a customer agreed to surrender his variable annuity and purchase a fixed annuity with the proceeds of approximately $89,346. These transactions were unsuitable for the customer because funds could be withdrawn from the variable annuity at any time, the variable annuity had a higher guaranteed fixed rate and death benefit, and the fees associated with the variable annuity were lower than those associated with the fixed annuity.
Mr. Culbertson of Oakdale, Minnesota was fined $20,000 and suspended from association with any FINRA member in any capacity for 12 months. The fine must be paid either immediately upon Mr. Culbertson’s re-association with a FINRA member firm following his suspension, or prior to the filing of any application or request for relief from any statutory disqualification, whichever is earlier. The suspension was effective from April 15, 2013 through April 14, 2014.Experienced Securities Attorneys Handling Claims For Mutual Fund Investors In FINRA Arbitrations Throughout Minnesota and Nationwide
Are you a Minnesota investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Minnesota stockbroker or investment advisor misrepresent or mislead you about a Mutual Fund investment or make an unsuitable recommendation that you invest in a Mutual Fund or otherwise mismanage your investment account? If so, you will need to have representation from an experienced, highly rated and nationally recognized FINRA securities arbitration law attorney—an attorney who understands Mutual Fund investments and stockbroker abuses related thereto, like when they are making unsuitable investments Class A, B, C shares of other classes of mutual funds to increase their commissions, missing breakpoints to generate higher commissions, switching of mutual funds that are intended long term investments outside of a mutual fund family to generate more commissions for them.
You will also need an experienced lawyer who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases and other complex legal issues. By hiring a top rated and highly successful lawyer like Robert Wayne Pearce with over 40 years of experience with Mutual Fund investment disputes by practicing securities law on both sides of the table in FINRA arbitration proceedings, you will clearly see that Attorney Pearce doesn’t just handle cases—he aggressively represents investors and is one of the best attorneys to recover your investment losses in Mutual Funds and all types of stockbroker misconduct in FINRA arbitration proceedings!
At The Law Offices of Robert Wayne Pearce, P.A., we represent investors in all kinds of Mutual Fund and securities law and investment disputes in FINRA arbitration and mediation proceedings. We handle a wide range of practice areas such as fraud and misrepresentation, breach of fiduciary duty, failure to supervise, and unsuitable recommendations of Mutual Funds. Attorney Pearce and his staff represent investors throughout Minnesota, 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 lawyers who successfully handle Mutual Fund cases and other securities law matters and investment disputes in FINRA arbitration proceedings, and who work tirelessly to secure the best possible result for you and your case. For dedicated representation by an attorney with over 40 years of experience and success in Mutual Fund cases and all kinds of securities law and investment disputes serving Minnesota citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.