Did you lose money investing with Sean Waters (CRD# 4414180)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Sean Waters. If you suffered losses investing with Sean Waters, 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 October 19, 2020, Sean Waters’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(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2017054755203
1 Employment Separation After Allegations
UPDATE 10/17/2020: According to FINRA’s January 2019 Disciplinary Actions: “Sean J. Waters (CRD #4414180, Hemet, California) November 28, 2018 – An AWC was issued in which Waters was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Waters consented to the sanction and to the entry of findings that he willfully violated Section 10(b) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder, and FINRA Rules 2020, 2111 and 2010 by churning and excessive and unsuitable trading in accounts held by a senior customer at his member firm. The findings stated that Waters’ trading in the customer’s accounts was excessive and conducted with reckless disregard for her interests. Waters’ trading resulted in more than $88,000 in cumulative losses to the customer out of $150,000 she initially transferred to the firm, while he generated commissions, markups/markdowns and fees totaling approximately $115,000. In fact, during a four-year period, Waters earned 40 percent of his total commissions solely from the trading he did in the customer’s accounts. (FINRA Case #2017054755203)”
Current and Previous Registrations
04/21/2017 – 02/02/2018 NEWBRIDGE SECURITIES CORPORATION (CRD#:104065) BOCA RATON, FL
12/16/2010 – 04/21/2017 FINANCIAL WEST GROUP (CRD#:16668) LOS ANGELES, CA
FINRA expelled the firm on 02/13/2020
07/14/2010 – 12/22/2010 ARQUE CAPITAL, LTD. (CRD#:121192) SCOTTSDALE, AZ
12/10/2008 – 04/22/2010 SOUTHWEST SECURITIES, INC. (CRD#:6220) BEVERLY HILLS, CA
08/09/2006 – 12/31/2008 M.L. STERN & CO., LLC. (CRD#:8327) BEVERLY HILLS, CA
08/09/2002 – 08/01/2006 UBS FINANCIAL SERVICES INC. (CRD#:8174) BEVERLY HILLS, CA
08/20/2001 – 08/13/2002 MORGAN STANLEY DW INC. (CRD#:7556) PURCHASE, 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 Sean Waters 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.
