Missouri Securities Account Churning Attorney
Missouri 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 excessively trade or churn customer accounts to generate commissions and engage in all kinds of stockbroker misconduct which violates Federal and Missouri securities laws and Financial Industry Regulatory Authority (FINRA) rules and stock brokerage firms policies and procedures.
For example, Chadrick David Kelly, a former broker employed at St. Louis, Missouri-based Wells Fargo Advisors, LLC, submitted a Letter of Acceptance, Waiver and Consent in which he agreed to, without admitting or denying, the described penalty and the entry of the Financial Industry Regulatory Authority’s (FINRA) findings that he engaged in unsuitable excessive trading and churning in his customers’ accounts. FINRA’s findings stated Mr. Kelly willfully violated Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5, FINRA Rule 2010, and NASD Rule 2110. Mr. Kelly of Denham Springs, Louisiana was prohibited from association with any FINRA member in any capacity. FINRA found that Mr. Kelly’s customers were unsophisticated investors with no education beyond the high school level, and each had annual income levels lower than $100,000 and a total net worth of under $500,000. Almost all of the customers lost a significant percentage of their retirement savings. Mr. Kelly caused more in commissions in two accounts than those accounts had in equity. FINRA’s findings stated that the customers relied totally on Mr. Kelly’s investment advice, and he exercised de facto control over their accounts. As reflected in the accounts’ turnover rates and cost-to-equity ratios, the level of activity in the accounts was not consistent with the customers’ objectives and financial situation. FINRA also found that Mr. Kelly made unauthorized trades in other customers’ accounts. Mr. Kelly entered sell orders in non-discretionary client accounts and effected numerous additional trades in customers’ accounts without obtaining client approval. It came as a surprise to the customers to learn about the trading in their accounts because none of the customers’ accounts were discretionary accounts.Experienced Lawyers Who Handle Securities Churning Claims In FINRA Arbitrations Throughout Missouri and Nationwide
Are you a Missouri investor who has suffered significant losses in your stock brokerage and investment accounts? Did your Missouri stockbroker or investment advisor excessively trade or churn or otherwise mismanage your investment account? If so, you will need to have representation from an experienced, highly-rated and nationally recognized FINRA arbitration securities churning law attorney—an attorney who knows FINRA rules and procedures inside and out and how to handle these FINRA arbitration cases as well as other 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 doesn’t just handle cases—he aggressively represents investors and one of the best lawyers to recover your investment losses for excessively trading or churning customer accounts to generate commissions 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 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. Attorney Pearce and his staff represent investors throughout Missouri, 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 churning 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 churning cases and all kinds of securities law and investment disputes serving Missouri citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.