Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Jeffrey Noard (Noard), previously associated with Emerson Equity LLC, has at least 5 disclosable events. These events include 5 customer complaints, alleging that Noard recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,900,000.00 on September 11, 2024.
Claimants allege material misrepresentation and omissions, failure to conduct reasonable due diligence, violation of The 1934 SEC Act, FINRA Rule 3111, negligence and gross negligence, violation of The Wisconsin Securities Act, and violation of Regulation Best Interest with regard to the various purchases of GWG L-Bonds from
FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,900,000.00 on September 10, 2024.
Unsuitable investments, failure to act in the best interest of the claimants, misrepresentations and omissions, breach of fiduciary duty, breach of contract, negligence and violations of state and federal laws.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $175,000.00 on March 25, 2024.
Breach of fiduciary duty, violation of regulation BI, violation of state securities statutes, unsuitable investments, violations and other industry standards of care with respect to FINRA rules 2010,2090 and 3110.
FINRA BrokerCheck shows a pending customer complaint with a damage request of $100,000.00 on November 16, 2023.
Breach of Contract and Warranties, Promissory Estoppel, Violation of State Securities Statutes, Breach of Fiduciary Duty, Claims Under Common Law, & Vicarious Liability
FINRA BrokerCheck shows a settled customer complaint with a damage request of $50,000.00 on May 30, 2023.
Claimant alleges breach of fiduciary duty, negligence and negligent misrepresentation, breach of contract, failure to supervise, and violation of Regulation Best Interest regarding purchase of GWG L Bonds in 2016.
Brokers are required to adhere to the SEC’s Regulation Best Interest (Reg BI) standard of care under the Securities Exchange Act of 1934 which establishes a ‘best interest’ standard for broker-dealers and associated persons. Reg BI applies when brokers recommend a retail investor engage in securities transaction or an investment strategy involving one or more securities. Reg BI also applies to financial advice concerning the transfer of funds and opening of accounts. Reg BI is drawn from fiduciary principles that include an obligation to act in the retail investor’s best interest and the broker is prohibited from placing their own interests ahead of the investor’s interest.
There are several different aspects of the rule that brokers must comply with. One of which is the care obligations which requires brokers to form a reasonable belief that their investment advice and recommendations are in the retail investor’s best interest. The care obligations includes three components. First, the advisor must have an understanding of the potential risks, rewards, and costs associated with a product, investment strategy, account type, or series of transactions. Next, the advisor must have a reasonable understanding of the specific retail investor’s investment profile. The customer’s profile information generally includes an investor’s financial situation and needs; investments; assets and debts; marital status; tax status; age; investment time horizon; liquidity needs; risk tolerance; investment experience; investment objectives and financial goals; and any other information the retail investor may disclose in connection with the recommendation or advice. Finally, the advisor must use their knowledge of the first two elements to consider reasonably available investment option alternatives and come to the conclusion that there is a reasonable basis to believe that the recommendation or advice being provided is in the retail investor’s best interest.
Finally, an advisor must also analyze the specific account features offered and determine whether their client can benefit from them in order to meet their care obligations. While securities and investments come with costs that must be considered, the type of securities account also has changes the cost equation for the investor and can change the retail customers’ future investment returns. The associated person must consider the different types of securities accounts for their client and determine whether or not the cost or features are reasonably needed for the client or if the customer’s current account costs and features are superior to solutions available to the advisor. In any event, the type of account and services recommended must be in the investor’s best interest.
Noard has been in the securities industry for more than 34 years. Noard has been registered as a Broker with Emerson Equity LLC since 2020.
Investors who have suffered losses are encouraged to contact us at (800) 810-4262 for consultation. At Gana Weinstein LLP, our attorneys are experienced representing investors who have suffered securities losses due to the mishandling of their accounts. Claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if you recover.
