Did you suffer investment losses with JP Morgan Securities (CRD# 79) (SEC# 801-3702, 8-35008)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with JP Morgan Securities. If you suffered losses investing with JP Morgan Securities, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of September 9, 2020, JP Morgan Securities’s FINRA BrokerCheck Report contains the following:
340 Regulatory Event Disclosures
7 Civil Event Disclosures
137 Arbitration Disclosures
UPDATE 9/4/2020: According to FINRA’s August 2020 Disciplinary Actions: “J.P. Morgan Securities LLC (CRD #79, New York, New York) June 22, 2020 – An AWC was issued in which the firm was censured, fined $325,000 and ordered to pay $333,619.34, plus interest, in restitution to customers. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it failed to establish and maintain a supervisory system reasonably designed to achieve compliance with its obligations under the applicable FINRA rules in connection with its sale of volatility-linked exchange traded products (volatility ETPs). The findings stated that although the firm was aware of the unique characteristics of volatility ETPs, it made these products available for solicited purchases without having a reasonable system in place to ensure that its brokers and customers understood the nature and characteristics of these products or the risks inherent in holding them for long-term periods. Certain of the firm’s customers, including those without high risk tolerances or aggressive investment objectives, purchased volatility ETPs on a solicited basis, held them for lengthy periods of time and sustained losses. The firm did not provide any training or guidance to its brokers or supervisors specifically regarding volatility ETPs, nor did it identify the risks associated with volatility ETPs in its WSPs. In addition, the firm did not conduct reasonable post-approval review of the products’ performance and risk profile or take other reasonable steps to supervise solicited sales of the products to customers. (FINRA Case #2018057508101)
Main Office Location
383 MADISON AVENUE
NEW YORK, NY 10179
1111 POLARIS PKWY
COLUMBUS, OH 43240
Business Telephone Number
JP Morgan Securities’s Direct Owners and Executive Officers
J.P. MORGAN BROKER-DEALER HOLDINGS INC., STOCKHOLDER
BELL, JEREMY S (CRD#:4268755), CHIEF COMPLIANCE OFFICER – REGISTERED INVESTMENT ADVISER
COLLINS, JAMES MICHAEL (CRD#:2725065), CHIEF FINANCIAL OFFICER
DEMPSEY, PATRICK PAUL (CRD#:2830362), TREASURER
DUGGER, CHRISTINA B (CRD#:5599227), CHIEF COMPLIANCE OFFICER – BROKER DEALER
FREILICH, WILLIAM HOWARD (CRD#:2203801), CHIEF LEGAL OFFICER
GELLER, JEREMY ROSS (CRD#:4466173), ELECTED MANAGER AND MEMBER
HARRIS, MITCHELL HOWARD (CRD#:2321424), CHIEF OPERATING OFFICER
HARVEY, CHRISTOPHER LEO (CRD#:2948006), ELECTED MANAGER AND MEMBER
HOLMES, ROBERT CULLUM (CRD#:2948416), ELECTED MANAGER AND MEMBER
JURY, CLAUDIA (CRD#:6403910), ELECTED MANAGER AND MEMBER
SIPPEL, JASON EDWIN (CRD#:1718602), CEO, CHAIRMAN, ELECTED MANAGER AND MEMBER
STEIN, ERIC JOHN SR (CRD#:2630215), ELECTED MANAGER AND MEMBER
TEPPER, ERIC DAVID (CRD#:2242377), ELECTED MANAGER AND MEMBER
VEITH, RONALD J (CRD#:5109887), EXECUTIVE DIRECTOR AND CHIEF COMPLIANCE OFFICER – PRINCIPAL OPTIONS TRADING
WINKELMAN, AMANDA DENISE (CRD#:2352562), ELECTED MANAGER AND MEMBER
Due Diligence Requirement
FINRA requires broker-dealers 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. Broker-Dealers 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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Formerly Known As, Aliases, and Affiliates
BEAR, STEARNS & CO., BEAR, STEARNS & CO. INC., CHASE INVESTMENTS, CHASE PRIVATE CLIENT, J.P. MORGAN PRIVATE BANK, J.P. MORGAN PRIVATE WEALTH MANAGEMENT, J.P. MORGAN SECURITIES, J.P. MORGAN SECURITIES INC., J.P. MORGAN SECURITIES LLC, J.P. MORGAN WEALTH MANAGEMENT, J.P.MORGAN SECURITIES INC., JPMORGAN CHASE, JPMORGAN H&Q