Did you lose money investing with Daniel Velicki (CRD# 4867403)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Daniel Velicki. If you suffered losses investing with Daniel Velicki, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of October 13, 2020, Daniel Velicki’s FINRA BrokerCheck Report contains the following:
1 Customer Dispute(s)
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2017056514301
1 Employment Separation After Allegations
UPDATE 10/13/2020: According to FINRA’s February 2019 Disciplinary Actions: “Danijel Velicki (CRD #4867403, Chesapeake, Virginia) December 4, 2018 – An AWC was issued in which Velicki was assessed a deferred fine of $2,500, suspended from association with any FINRA member in all capacities for three months and required to attend and satisfactorily complete 10 hours of continuing education within 60 days of re-association with a member firm. Without admitting or denying the findings, Velicki consented to the sanctions and to the entry of findings that he instructed his assistant to use his unique log-in credentials to access and complete firm element continuing education coursework on his behalf while he was traveling out of state. The suspension is in effect from December 17, 2018, through March 16, 2019. (FINRA Case #2017056514301)
Current and Previous Registrations
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.
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