Did you lose money investing with James Clay (a/k/a Jimmy Clay) (CRD# 5748560)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with James Clay (a/k/a Jimmy Clay). If you suffered losses investing with James Clay (a/k/a Jimmy Clay), 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 October 15, 2020, James Clay (a/k/a Jimmy Clay)’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 Regulatory Event(s)
See FINRA Disciplinary Proceeding No. 2014039775501 Complaint
See FINRA Disciplinary Proceeding No. 2014039775501 OHO Decision
1 Employment Separation After Allegations
UPDATE 10/14/2020: According to FINRA’s January 2019 Disciplinary Actions: “James Randall Clay (CRD #5748560, Clarksville, Tennessee) November 1, 2018 – An OHO decision became final in which Clay was barred from association with any FINRA member in all capacities. The sanction was based on findings that Clay engaged in outside business activities without providing prior written notice to his member firm. The findings stated that Clay used his relationship with an elderly customer to buy real estate from the customer under terms that benefited only himself. Clay drafted and signed a hand-written agreement to purchase the customer’s rental property for $1 million, with the customer financing the entire amount. Under the agreement, Clay also borrowed $500,000 from the customer to fund Clay’s down payment on the property and improvements to it. Clay established a limited liability company to manage the rental property and began collecting rent. Clay never provided written notice of this outside business to his firm. The findings also stated that after the customer’s family complained to the firm, Clay falsely told the firm his sister purchased the rental property, and he was not personally involved in the purchase or subsequent management of the property. The findings also included that Clay provided the same false information to FINRA in response to requests for information and documents and during on-the-record testimony. This information was pivotal to FINRA’s investigation, and Clay’s misrepresentations were designed to conceal his misconduct and divert the investigation away from him. (FINRA Case #2014039775501 Complaint and OHO Decision)
Current and Previous Registrations
02/04/2014 – 07/07/2017 CUSO FINANCIAL SERVICES, L.P. (CRD#:42132) CLARKSVILLE, TN
08/24/2012 – 01/13/2014 U.S. BANCORP INVESTMENTS, INC. (CRD#:17868) CLARKSVILLE, TN
02/19/2010 – 08/27/2012 EDWARD JONES (CRD#:250) CLARKSVILLE, TN
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 James Clay (a/k/a Jimmy Clay) 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.