Did you lose money investing with Elizabeth Stockwell (CRD# 6398497)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Elizabeth Stockwell. If you suffered losses investing with Elizabeth Stockwell, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of September 15, 2020, Elizabeth Stockwell’s FINRA BrokerCheck Report contains the following:
1 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 9/15/2020: According to FINRA’s October 2019 Disciplinary Actions: “Elizabeth Stockwell (CRD #6398497, Scarborough, Maine) August 1, 2019 – An AWC was issued in which Stockwell was fined $5,000 and suspended from association with any FINRA member in all capacities for 15 business days. Without admitting or denying the findings, Stockwell consented to the sanctions and to the entry of findings that she impersonated a customer on telephone calls to an annuity company in order to obtain more information about the customer’s annuity positions. The findings stated that although the customer gave Stockwell permission to obtain this information, she did not give Stockwell permission to impersonate her with the annuity company. The suspension was in effect from September 3, 2019, through September 23, 2019. (FINRA Case #2019062318301)
Current and Previous Registrations
08/14/2020 – PRESENT CANTELLA & CO., INC. (CRD#:13905) SCARBOROUGH, ME
06/27/2019 – 08/09/2019 INDEPENDENT FINANCIAL GROUP, LLC (CRD#:7717) SCARBOROUGH, ME
04/13/2015 – 04/15/2019 LPL FINANCIAL LLC (CRD#:6413) SOUTH PORTLAND, ME
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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