North Carolina Securities Arbitration Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)
North Carolina 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 North Carolina securities laws, Financial Industry Regulatory Authority (FINRA) rules as well as stock brokerage firms policies and procedures.
For example, Ricky Eugene Bell, a former Fayetteville, North Carolina-based registered representative with Cape Fear Securities, Inc., was named a respondent in a Financial Industry Regulatory Authority (FINRA) complaint claiming that he solicited firm customers to invest in an outside “lending program.” FINRA’s findings alleged that Mr. Bell offered the investment opportunity to his “select customers and closest friends.” The complaint claims that Mr. Bell received a total of approximately $247,500 from customer investments and that he also borrowed approximately $19,650 from firm customers without consent or firm approval.
FINRA also found, Mr. Bell informed customers that the “lending program,” which he referred to as HLT Investments, would use investor funds which when pooled together, would provide high-interest loans to small businesses. Mr. Bell alleged that these high-interest loans would generate profits to the investors. According to FINRA’s complaint, Mr. Bell allegedly made interest payments to the customers by writing checks which he then asked customers to refrain from cashing, and to consider them as collateral in the event the lending program failed. So far, Mr. Bell has not returned any of the $247,500 of principal received from investors.Experienced Securities Lawyers Who Represent Investors Sold Unauthorized Investments (Selling Away) In FINRA Arbitrations Throughout North Carolina and Nationwide
Did your North Carolina 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 North Carolina, 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 North Carolina citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.