Did you lose money investing with Charles Postel (a/k/a Chuck Postel) (CRD# 1478786)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Charles Postel (a/k/a Chuck Postel). If you suffered losses investing with Charles Postel (a/k/a Chuck Postel), then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of June 20, 2020, Charles Postel (a/k/a Chuck Postel)’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 6/20/2020: According to FINRA’s May 2020 Disciplinary Actions: Charles Henry Postel (CRD #1478786, Lakewood, Ohio) March 24, 2020 – An AWC was issued in which Postel was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 15 business days. Without admitting or denying the findings, Postel consented to the sanctions and to the entry of findings that he effected pairs of agency cross transactions in municipal securities between his member firm’s customers without obtaining the required customer written acknowledgements and the firm’s written approval. The findings stated that each of the pairs of municipal bond transactions were structured by Postel in a similar manner, with the firm selling municipal bonds as agent on behalf of one of its customers to another broker-dealer and then buying the same bonds back on the same day from the same broker-dealer as agent on behalf of another customer. In addition, for each of the pairs of municipal bond transactions, Postel determined the amount of the mark-up that could be charged by the other broker-dealer for effecting these transactions. Postel violated his firm’s policies and procedures by not obtaining the required customer acknowledgments and the approval of his branch manager or branch office administrator prior to effecting these pairs of transactions. The suspension was in effect from April 6, 2020, through April 27, 2020. (FINRA Case #2018057286801)
Current and Previous Registrations
10/29/2008 – 05/03/2018 STIFEL, NICOLAUS & COMPANY, INCORPORATED (CRD#:793) WESTLAKE, OH
07/14/1988 – 02/21/2007 MCDONALD INVESTMENTS INC. (CRD#:566) CLEVELAND, OH
03/20/1986 – 07/21/1987 MCDONALD & COMPANY SECURITIES, INC. (CRD#:566)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Charles Postel (a/k/a Chuck Postel) and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
