Ohio Securities Arbitration Attorney Who Sues Stockbrokers For Selling Away (Selling Unauthorized Investments)
Ohio 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 Ohio securities laws, Financial Industry Regulatory Authority (FINRA) rules as well as stock brokerage firms policies and procedures.
For example, Kevin Edward Looser of Delphos, Ohio submitted a Letter of Acceptance, Waiver, and Consent (AWC) to the Financial Industry Regulatory Authority (FINRA) for allegedly engaging in private securities transactions in violation of NASD Rule 3040 and FINRA Rule 2010.
Kevin Looser joined Sigma Financial Corporation (Sigma) as a General Securities Representative in September 2005. According to FINRA’s findings, during the period September 2011 through July 2014, Mr. Looser allegedly engaged in 14 private securities transactions without giving prior written notice to his firm; that is, he engaged in “selling away.” FINRA’s findings stated, Mr. Looser disclosed to his firm that he was a co-owner of a company that developed video platforms to connect on-call interpreters with deaf or limited language individuals, to which the firm approved. However, FINRA found that Mr. Looser also raised $430,000 for the company from 13 firm investors and one non-firm investor. FINRA’s investigators found that Mr. Looser discussed agreements and received checks from two of the investors which he gave to the co-owner but failed to disclose to his firm.
Without admitting or denying FINRA’s allegations, Kevin Edward Looser received a suspension from associating with any FINRA member in all capacities for four months. The suspension was effective from June 4, 2018 through October 3, 2018.Experienced Securities Lawyers Who Represent Investors Sold Unauthorized Investments (Selling Away) In FINRA Arbitrations Throughout Ohio and Nationwide
Did your Ohio 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 Ohio, 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 Ohio citizens, contact the firm by phone at 561-338-0037, toll free at 800-732-2889 or via e-mail.