Did you lose money investing with Jodi Padgett (CRD# 1828918)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Jodi Padgett. If you suffered losses investing with Jodi Padgett, 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 September 13, 2020, Jodi Padgett’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Customer Dispute(s)
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2017053382401 Complaint
See FINRA Letter of Acceptance, Waiver and Consent No. 2017053382401 OHO Decision
UPDATE 9/13/2020: According to FINRA’s December 2019 Disciplinary Actions: “John Lodge Farmer (CRD #5354041, Prescott, Arizona), Jodi Oyler Padgett (CRD #1828918, Skull Valley, Arizona) and Charles Edwin Taylor (CRD #443066, Prescott, Arizona) October 9, 2019 – An OHO decision became final in which Farmer was fined $6,000, Padgett was fined $15,000 and required to requalify as a principal within six months, and Taylor was fined $25,000, suspended from association with any FINRA member in all capacities for six months and suspended from association with any FINRA member in any supervisory capacity for six months, to run consecutively with his all capacities suspension. The sanctions were based on the findings that Farmer, Padgett and Taylor engaged in, and were compensated for, undisclosed and unapproved outside business activities involving referring customers to a company marketing investments in precious metals, a form of investment prohibited by their member firm’s policies. The findings stated that from these referrals, Farmer earned at least $4,663, Padgett received at least $5,676 and Taylor received at least $10,081. The referral fees resulted from about 1.1 million in precious metal sales. The findings also stated that Taylor failed to adequately supervise Farmer and Padgett’s referral activity to ensure that they properly disclosed the outside business activity. Taylor ignored red flags and facilitated the misconduct by introducing Farmer and Padgett to the outside business activity involving a prohibited product while failing to either require disclosure of the activity or enforce firm policy by not permitting the precious metal referral activity. Taylor’s suspension in all capacities is in effect from October 21, 2019, through April 20, 2020, and the suspension in any supervisory capacity will be in effect from April 21, 2020, through October 20, 2020. (FINRA Case #2017053382401 Complaint and OHO Decision)
Current and Previous Registrations
01/03/2019 – PRESENT INDEPENDENT FINANCIAL GROUP, LLC (CRD#:7717) PRESCOTT, AZ
11/30/1995 – 01/08/2019 ROYAL ALLIANCE ASSOCIATES, INC. (CRD#:23131) PRESCOTT, AZ
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 Jodi Padgett 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.
