Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Brent Foster (Foster), previously associated with J.P. Morgan Securities LLC, has at least 2 disclosable events. These events include 2 customer complaints, alleging that Foster recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $700,000.00 on June 28, 2022.
The Statement of Claim alleges breach of fiduciary duty, violations of the Indiana Uniform Securities Act, and negligence. Advisor denies all allegations. Based on the Claimant’s goals and risk tolerance, Advisor had recommended to and discussed with Claimants private fund investments, which they agreed fit their plans. After discussion with the Advisor and after receiving and reviewing the offering documents, Claimants decided to invest in the private fund investments and completed and signed subscription documents for the investments. Advisor conducted extensive due diligence and continuous monitoring of the investments. In March of 2020, a fund in which Claimant was invested suspended valuations and redemptions, and later explained that it was in a dispute with a sub-advisor. The private fund has resolved its dispute with the sub-advisor in a manner that should provide a substantial recovery for investors. Mr. Foster was the Investment Advisor Representative working directly with Claimant [REDACTED].