According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Warring (Warring), previously associated with Emerson Equity LLC, has at least 2 disclosable events. These events include one customer complaint, one regulatory event, alleging that Warring recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a final customer complaint on September 08, 2025.
The Securities and Exchange Commission (‘Commission’) deems it appropriate and in the public interest that public administrative and cease-and-desist proceedings be, and hereby are, instituted pursuant to Section 15(b) of the Securities Exchange Act of 1934 (‘Exchange Act’), Sections 203(f) and 203(k) of the Investment Advisers Act of 1940 (‘Advisers Act’), and Section 9(b) of the Investment Company Act of 1940 (‘Investment Company Act’) against James D. Warring (‘Respondent’ or ‘Warring’). In anticipation of the institution of these proceedings, Respondent has submitted an Offer of Settlement (the ‘Offer’) which the Commission has determined to accept. On the basis of this Order and Respondent’s Offer, the Commission finds that these proceedings arise out of violations of the Advisers Act by Warring, majority owner of the corporate parent of SEC-registered investment adviser EagleStone Wealth Advisors, Inc. (‘EagleStone’). Over a period of years, Warring, acting knowingly and/or recklessly, breached his fiduciary duty to one of his investment advisory clients (the ‘Client’). Warring and the Client entered into a romantic relationship. After the relationship commenced, Warring arranged for the Client to make and forgive a loan to his family members; charged the Client and certain of her trusts unauthorized and undisclosed fees; and advised the Client to enter into agreements purportedly authorizing, waiving, and forgiving problematic transactions and fees. As a result of this conduct, Warring willfully violated Sections 206(1) and 206(2) of the Advisers Act.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $6,800,000.00 on March 19, 2023.
Plaintiff’s allege that individual, acting by and through his investment advisory firm, trust company and accounting business, engaged in conduct (or aided or abetted conduct)constituting fraud, constructive fraud, breach of fiduciary duty, violations of Maryland SAFE Act, and violations of the Maryland Securities Act. The conduct is alleged to haveoccurred between 2010 and 2022
Financial Advisors providing advice to retail investors are required to adhere to the SEC’s Regulation Best Interest (Reg BI). Reg BI applies a ‘best interest’ standard for broker-dealers and their associated people. 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 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.
The care obligation also requires the broker to address the client’s specific needs through obtaining specific investment profile information on the client. The associated person typically will ask the customer for information such as the investor’s risk tolerance or ability to withstand account value declines or increases; experience with investments available; investment objectives and goals; investment time horizon; liquidity needs; assets such as investment accounts held at other financial institutions; tax information; their age and retirement plans; and other information that a customer may want to provide to the advisor to help them to properly address the services needed. 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 different sub-parts of the Reg BI rule that financial professionals must comply with when providing advice. Among those is the duty of care obligation that mandates associated persons to evaluate investment options, review and be knowledgeable the risks and rewards of the investment or service, compare alternative investment products, and ensure that the overall investment strategy aligns with the client’s goals and is in their best interests.
Next, the broker must understand the investor’s investment background and profile. A customer’s profile includes information that describes the investor’s financial situation and needs. Information here will include their outside securities accounts and investments; relevant assets and debts; tax bracket; age; liquidity needs; risk tolerance; investment time horizon; experience with investing; investment objectives; and any other relevant information that the investor may choose to disclose pertinent to their situation. 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.
Warring has been in the securities industry for more than 26 years. Warring has been registered as a Broker with Emerson Equity LLC since 2023.
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.