According to the BrokerCheck records kept by Financial Industry Regulatory Authority (FINRA) broker Jeffrey Fladell (Fladell) has been the subject of at least 6 customer complaints, one regulatory action, and one criminal matter. Customers have filed complaints against Fladell alleging securities law violations including churning and excessive trading, unsuitable investments, negligence, and overconcentrated positions among other claims. Most of the claims against Fladell relate to allegations that the investor was concentrated in municipal bonds or other debt obligations that caused losses. For instance once complaint alleged damages of $1,000,000 as a result of concentration in municipal bonds that were inconsistent with the client’s objective of principal protection.
Fladell entered the securities industry in 1970. From March 1995, until October 2009, Fladell was associated with J.B. Hanauer & Co. Since October 2009, Fladell became associated with RBC Capital Markets, LLC out of the firm’s Parsippany, New Jersey office location.
All advisers have a fundamental responsibility to deal fairly with investors including making suitable investment recommendations. In order to make suitable recommendations the broker must have a reasonable basis for recommending the product or security based upon the broker’s investigation of the investments properties including its benefits, risks, tax consequences, and other relevant factors. In addition, the broker must also understand the customer’s specific investment objectives to determine whether or not the specific product or security being recommended is appropriate for the customer based upon their needs.
Securities Lawyers Blog
The investment fraud lawyers of Gana Weinstein LLP are examining multiple customer disputes filed with the Financial Industry Regulatory Authority (FINRA) against broker Michael Jay Sharenow (Sharenow). Sharenow’s FINRA BrokerCheck record shows several disclosures mainly pertaining to unsuitable investments.