Did you lose money investing with Ian Pierce (CRD# 6205487)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Ian Pierce. If you suffered losses investing with Ian Pierce, 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 January 13, 2023, Ian Pierce’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
1 Customer Dispute
1 Regulatory Event
1 Employment Separation After Allegations
February 23, 2022 – An AWC was issued in which Pierce was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Pierce consented to the sanction and to the entry of findings that he converted funds from one of his insurance customers. The findings stated that Pierce arranged for two loans totaling $2,885 to be taken against the cash value of his customer’s insurance policy without her knowledge and consent. Pierce initiated and processed the loans through an internal system at his member firm’s parent company. After the parent company deposited the loan proceeds into the customer’s checking account, she asked Pierce why she had received the funds. Pierce instructed the customer to transfer the loan proceeds to Pierce’s personal bank account and falsely stated he would re-apply the funds to the customer’s insurance policy. However, after the customer transferred the funds, Pierce did not re-apply the funds to her insurance policy, but instead, spent the money on personal purchases. The parent company reimbursed the customer for her losses. The findings also stated that Pierce repeatedly misrepresented to the customer that she no longer needed to pay the premiums for her insurance policy, causing the premium payments to be paid by automatic premium loans. Pierce also informed the customer that all her insurance policies were in order and that her disability insurance remained in effect when in fact it had lapsed. In addition, Pierce emailed the customer the financial history of her insurance policies, which Pierce had prepared and falsely represented fictitious premium payments and account balances. (FINRA Case #2020066086301)
Current and Previous Registrations
06/02/2016 – 03/23/2020 NORTHWESTERN MUTUAL INVESTMENT SERVICES, LLC (CRD#:2881) WEST HARTFORD, CT
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 Ian Pierce 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.
