The investment lawyers of Gana LLP are investigating regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against Christopher Stephen Jorgensen (Jorgensen). Jorgensen allegedly refused to appear for on-the-record testimony requested by FINRA resulting in a ban from the securities industry.
In April 2017, Jorgensen was terminated from his position at Summit Brokerage Services after “the firm received a verbal complaint from a customer who alleged that [he] instructed her not to respond to a FINRA inquiry.”
In 2012, he was terminated from his position at Raymond James Financial Services “due to client complaint and settlement relating to unauthorized discretion.”
In 2011, a customer alleged Jorgensen executed excessive trades, charged excessive commissions, and recommended investments that performed poorly. The complaint settled for more than $25,400.
In 2003 a customer alleged Christopher Jorgensen recommended unsuitable products. The complaint settled for $37,000.
Brokerage firms owe a duty to all of its customers to properly monitor and supervise its employees. The duty to supervise is a critical component of the securities regulatory scheme. Regulatory authorities such as the SEC and FINRA have steadily heightened the supervisory obligations of brokerage firms in recent years. Supervisors have an obligation to respond vigorously to indications of irregularity, often times referred to as “red flags.” A supervisor cannot disregard red flags and must act decisively and specifically to prevent improper conduct by their brokers. The importance of proper supervision is manifested in various types of securities activities. Brokerage firms are responsible for monitoring a broker’s investment recommendations to clients, outside business activities, and representations to investors among other obligations. In addition, brokerage firms are responsible for conducting due diligence on the securities products they sell and devising a written supervisory system to achieve compliance with the securities laws.
According to BrokerCheck records, Jorgensen entered the securities industry in 1989 and was registered with Faitos & Company, Inc. until 1991. He was registered with W.J. Nolan & Company, Inc. from 1991 until 1994 when he moved to A.G. Edwards & Sons, Inc., where he stayed until 2000. From 2000 to 2008, Jorgensen was associated with Citigroup Global Markets Inc. From 2008 to 2012, he was associated with Raymond James Financial Services, Inc. Finally, Jorgensen was registered with Summit Brokerage Services, Inc. from 2012 until April 2017.
Investors who have suffered losses may be able to recover their losses through securities arbitration. The attorneys at Gana LLP are experienced in representing investors who have suffered securities losses due to the mishandling of their accounts. The majority of these claims may be brought in securities arbitration before FINRA. Our consultations are free of charge and the firm is only compensated if we are able to successfully recover on your behalf.