Sonn Law Group is investigating claims related to broker Douglas Robert Moline (CRD#4911158). Moline is currently associated with Janney Montgomery Scott LLC (“Janney”) in Stuart, Florida having worked there since August 29, 2008. Prior to joining Janney, Moline was associated with Citigroup Global Markets, INC (“CGMI”) in Stuart, Florida from May 2005 through September 2008.
Complaints against Douglas Moline
Moline has a pending customer complaint with the Financial Industry Regulatory Authority (FINRA) with alleged damages in the amount of $100,000 based on allegations of unsuitable investments received by FINRA on April 19, 2016.
In addition to the aforementioned open complaint, Moline had a claim for damages in the amount of $39,664.94 based on allegations of excessive fees on annuities and unsuitable recommendations based on investment objectives and risk tolerance. The claim was received by FINRA on June 2, 2015 and denied on September 4, 2015 after it was determined that there was no evidence supporting the claim.
Just over 7% of brokers have disclosures on their records. It is notable that most brokers have no disclosures on their records and there is a process to expunge, or erase, certain disclosures from their records.
The Financial Industry Regulatory Authority (“FINRA”) holds brokerage firms to high standards. A brokerage firm must have a reasonable basis to believe that a transaction is the right fit for you based on their awareness and understanding of your investment profile. The brokerage firm must consider your age, other investments, investment objectives, investment experience, risk tolerance, investment time horizon, liquidity needs, and the like. A broker can be held liable for making unsuitable investment recommendations. Recommendations must be suitable. Member brokerage firms are also barred from presenting misleading information to get you to buy or sell an investment.
Further, FINRA member firms are responsible for the supervision of a broker’s activities while the broker is registered with their firm. Therefore, Janney Montgomery Scott LLC may be liable for investment or other losses suffered by Moline’s customers.
If you were a client of Janney Montgomery Scott LLC or Douglas Robert Moline and have experienced investment losses or irregularities in your investment accounts, please call Sonn Law Group at 844-689-5754 or click here to access our contact form. Sonn Law Group is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies.