Did you lose money investing with John Neely (CRD# 501565)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with John Neely. If you suffered losses investing with John Neely, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of October 21, 2020, John Neely’s FINRA BrokerCheck Report contains the following:
1 Customer Dispute(s)
3 Regulatory Event(s)
1 Employment Separation After Allegations
UPDATE 10/21/2020: According to FINRA’s January 2019 Disciplinary Actions: “John Huey Neely (CRD #501565, Edmond, Oklahoma) November 16, 2018 – An AWC was issued in which Neely was assessed a deferred fine of $5,000 and suspended from association with any FINRA member in all capacities for 15 business days. Without admitting or denying the findings, Neely consented to the sanctions and to the entry of findings that he exercised discretion in effecting transactions in customers’ brokerage accounts without obtaining written approval from the customers, and without his member firm having accepted the accounts as discretionary. The findings stated that the customers verbally authorized Neely to exercise discretion in their accounts; however, the firm prohibited the use of discretion in brokerage accounts. The suspension was in effect from November 19, 2018, through December 10, 2018. (FINRA Case #2015043584402)”
Current and Previous Registrations
03/13/2019 – PRESENT ST. BERNARD FINANCIAL SERVICES, INC. (CRD#:36956) RUSSELLVILLE, AR
08/18/2009 – 09/19/2018 BERTHEL, FISHER & COMPANY FINANCIAL SERVICES, INC. (CRD#:13609) EDMOND, OK
06/09/2004 – 08/14/2009 WFG INVESTMENTS, INC. (CRD#:22704) OKLAHOMA CITY, OK
06/10/1999 – 06/16/2004 SPELMAN & CO., INC. (CRD#:10232) PHOENIX, AZ
05/27/1998 – 06/16/1999 CENTURY INVESTMENT GROUP INCORPORATED (CRD#:36254) SAN DIEGO, CA
07/08/1992 – 06/12/1998 PRUDENTIAL SECURITIES INCORPORATED (CRD#:7471) NEW YORK, NY
06/01/1989 – 07/13/1992 RAUSCHER PIERCE REFSNES, INC. (CRD#:6663) DALLAS, TX
01/21/1987 – 06/01/1989 FINSER INVESTMENT COMPANY (CRD#:14981)
05/18/1979 – 01/13/1987 INVESTMENT SECURITIES OF OKLAHOMA, INC. (CRD#:7950)
02/06/1976 – 04/28/1979 WOOLSEY & COMPANY, INCORPORATED (CRD#:7012)
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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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.