Articles Tagged with Hennion & Walsh

shutterstock_19864066-209x300According to BrokerCheck records financial advisor Joseph Rodriguez (Rodriguez), currently associated with Hennion & Walsh, Inc. (Hennion & Walsh), has been subject to four customer complaints.  According to records kept by The Financial Industry Regulatory Authority (FINRA) Rodriguez has been accused by customers of unsuitable investments among other claims.  Most of the claims appear to be related to municipal bonds or other bond related investments

In June 2017, a customer filed a complaint alleging that Rodriguez recommended certain investment grade municipal bonds between 2009 and 2012 that were unsuitable.  The claim alleges $125,000 in damages and is currently pending.  In May 2016 another customer filed a complaint alleging that there were unsuitable recommendations from 2013 and 2014.  The claim alleged $250,000 in damages and settled.  In October 2015 another customer filed a complaint alleging an unsuitable recommendation causing $56,390 in damages.  The claim later settled.

Continue Reading

shutterstock_102242143-300x169The securities lawyers of Gana LLP are investigating the customer complaints against Sean Mcelduff (Mcelduff). Mcelduff has been subject to two customer complaints – both of which pertain to suitability concerns over recommendations for investment products. Mcelduff’s BrokerCheck records from the Financial Industry Regulatory Authority (FINRA) shows that the most recent customer complaint against Mcelduff was filed in December 2016. The customer alleged that Mcelduff made unsuitable recommendations of Puerto Rican municipal bonds. The alleged damages are worth $260,000. The case is still pending.

In January 2016, another customer complaint was filed against Mcelduff claiming that the broker allegedly purchased unsuitable bonds for the client. The alleged damages were priced at $21,000 and the case was settled for $12,000.

Brokers have a responsibility to treat investors fairly which includes obligations such as making only suitable investments for the client. In order to make a suitable recommendation the broker must meet certain requirements. First, there must be reasonable basis for the recommendation the product or security based upon the broker’s investigation and due diligence into the investment’s properties including its benefits, risks, tax consequences, and other relevant factors. 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.