Did you lose money investing with Tracey Schusterman (CRD# 1432242)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Tracey Schusterman. If you suffered losses investing with Tracey Schusterman, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
As of May 27, 2020, Tracey Schusterman’s FINRA BrokerCheck Report contains the following:
2 Customer Dispute(s)
UPDATE 5/27/2020: In March 2020, a former client of Janney Montgomery Scott, RBC Capital Markets, and Tracey Schusterman won an award in a FINRA arbitration for compensatory damages for $152,674 plus 9% interest per annum until the sum is paid in full, plus fees for a total of $199,178 in damages granted.
Current and Previous Registrations
09/26/2017 – PRESENT JANNEY MONTGOMERY SCOTT LLC (CRD#:463) NEW YORK, NY
04/21/2017 – 09/05/2017 RBC CAPITAL MARKETS, LLC (CRD#:31194) NEW YORK, NY
01/16/2009 – 05/02/2017 UBS FINANCIAL SERVICES INC. (CRD#:8174) NEW YORK, NY
01/14/2005 – 02/05/2009 CITIGROUP GLOBAL MARKETS INC. (CRD#:7059) NEW YORK, NY
01/24/1997 – 02/11/2005 ADVEST, INC. (CRD#:10) HARTFORD, CT
04/28/1993 – 02/03/1997 PAINEWEBBER INCORPORATED (CRD#:8174) WEEHAWKEN, NJ
05/01/1991 – 04/20/1993 FIRST ALBANY CORPORATION (CRD#:298) NEW YORK, NY
01/18/1990 – 05/01/1991 JESUP, JOSEPHTHAL SECURITIES CO., INC. (CRD#:3144)
01/02/1990 – 01/27/1990 HANIFEN, IMHOFF SECURITIES CORP. (CRD#:10620)
11/12/1986 – 01/02/1990 MOORE & SCHLEY, CAMERON & CO. (CRD#:6917)
12/17/1985 – 11/04/1986 MCLAUGHLIN, PIVEN, VOGEL INC. (CRD#:7404)
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.