Did you lose money investing with James Speno (CRD# 431912)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with James Speno. If you suffered losses investing with James Speno, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of May 24, 2020, James Speno’s FINRA BrokerCheck Report contains the following:
Not currently registered as broker.
1 Regulatory Event(s)
1 Employment Separation After Allegations
Current and Previous Registrations
08/09/2013 – 04/08/2015 MORGAN STANLEY (CRD#:149777) NEW YORK, NY
07/16/2008 – 08/12/2013 OPPENHEIMER & CO. INC. (CRD#:249) NEW YORK, NY
04/15/2002 – 07/28/2008 RBC CAPITAL MARKETS CORPORATION (CRD#:31194) NEW YORK, NY
10/06/1994 – 04/19/2002 SALOMON SMITH BARNEY INC. (CRD#:7059) NEW YORK, NY
05/27/1987 – 10/18/1994 LEHMAN BROTHERS INC. (CRD#:7506) NEW YORK, NY
05/16/1984 – 06/08/1987 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED (CRD#:7691)
07/15/1983 – 04/06/1984 SUSSEX SECURITIES INCORPORATED (CRD#:13596)
02/22/1978 – 07/20/1983 LEHMAN BROTHERS KUHN LOEB INCORPORATED (CRD#:7555)
07/11/1973 – 02/22/1978 LEHMAN BROTHERS INCORPORATED (CRD#:514)
07/16/1969 – 06/01/1973 76 SECURITIES SALES CORPORATION (CRD#:3369)
02/05/1971 – 06/25/1971 PIEDMONT CAPITAL CORPORATION (CRD#:711)
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.
Request a Free Consultation with a Securities Attorney
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.