Advisor Anthony Joslin Subject to Regulatory and Customer Complaints

shutterstock_183544004-300x200The attorneys at Gana Weinstein LLP are investigating BrokerCheck records reports that financial advisor Anthony Joslin (Joslin), currently employed by Garden State Securities, Inc. (Garden State Securities) has been subject to at least eight customer complaints, one employment termination for cause, and two regulatory actions during the course of his career.  According to records kept by The Financial Industry Regulatory Authority (FINRA), Joslin’s customer complaints alleges that Joslin recommended unsuitable investments, negligence, and breach of fiduciary duty among other allegations of misconduct relating to the handling of their accounts.

In June 2014 the State of Massachusetts brought a regulatory action against Joslin alleging that he has been subject to eight customer complaints and contributed $103,000 towards the settlement of complaints.  Further, Joslin resigned while under investigation from the Grayson Financial, LLC brokerage firm under allegations that he misappropriated proprietary information from the firm.  Further, the state found that Joslin had been subject of an NASD action due to his failure to supervise and prevent violations of the securities laws by those under his supervision.  The state of Massachusetts placed Joslin under heightened supervision for 3 years.

In June 2019 a customer complained that Joslin violated the securities laws by alleging violations of the securities laws including breach of fiduciary duty, fraud, and negligence. The claim alleges $300,763 in damages and is currently pending.

Brokers are required under the securities laws to treat their clients fairly.  This obligation includes the duties to disclose material risks of the investments they recommend and to present products, particularly complex or confusing products, in a fair and balanced manner that allows the client to evaluate the recommendation.  Another important obligation advisors have is to make only suitable recommendations for investments to the client.  There are many investments that are not appropriate for the majority of investors or for certain investors given their risk tolerance, age, and other factors.  Advisors should not present these investment options to clients.  There are two screens that advisors must employ to determine whether an investment is suitable for a client.  First, there must be a reasonable basis for the recommendation – meaning that the product has been investigated and due diligence conducted into the investment’s features, benefits, risks, and other relevant factors.  The advisor must conclude that the investment is suitable for at least some investors and some securities may be suitable for no one.  Second, the broker then must match the investment as being appropriate for the customer’s specific investment needs and objectives such as the client’s retirement status, long or short term goals, age, disability, income needs, or any other relevant factor.

According to newsources, a study revealed that 7.3% of financial advisors had a customer complaint on their record when records from 2005 to 2015 were examined.  Brokers must publicly disclose reportable events on their BrokerCheck reports that include customer complaints, IRS tax liens, judgments, investigations, terminations, and criminal cases.  In addition, research has show a disturbing pattern with troublesome brokers where brokers with high numbers of customer complaints are not kicked out of the industry but instead these brokers are sifted to lower quality brokerage firms with loose hiring practices and higher rates of customer complaints.  These lower quality firms may average brokers with five times as many complaints as the industry average.

Joslin entered the securities industry in 1992.  From April 2003 until March 2014 Joslin was associated with J.P. Turner & Company, L.L.C.  Since March 2014 Joslin has been registered with Garden State Securities out of the firm’s Red Bank, New Jersey office location.

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.