Did you lose money investing with Patrick Louis (CRD# 5465279)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Patrick Louis. If you suffered losses investing with Patrick Louis, 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 January 21, 2023, Patrick Louis’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
1 Employment Separation After Allegations
November 2, 2021 – An AWC was issued in which Pierre-Louis was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Pierre-Louis consented to the sanction and to the entry of findings that he converted approximately $9,695 from a customer for his own personal use. The findings stated that Pierre-Louis convinced the customer to transfer $3,000 to his personal bank account by claiming that he would invest the funds in a real estate investment away from his then member firm and that he then would pay the customer a 15 percent rate of return. Later, Pierre-Louis solicited the customer to make two additional transfers of funds to him totaling $4,950 for the same purported outside investment. After Pierre-Louis became associated with a new firm, the customer did not open an account at that firm. However, Pierre-Louis convinced the customer to make an additional transfer to Pierre-Louis’ bank account totaling $1,745 for the same purported outside investment. Pierre-Louis did not invest any of the customer’s funds, pay her any interest or repay any of the funds to her. (FINRA Case #2020067945101)
Current and Previous Registrations
07/01/2019 – 04/14/2021 PRINCIPAL SECURITIES, INC. (CRD#:1137) NEW YORK, NY
10/25/2013 – 06/27/2019 MML INVESTORS SERVICES, LLC (CRD#:10409) NEW YORK, NY
01/09/2008 – 10/10/2013 HORNOR, TOWNSEND & KENT, INC. (CRD#:4031) NEW YORK, NY
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 Patrick Louis 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.
