Inc Tag Archives — Securities Lawyers Blog

Cutter & Company, Inc. Broker Cynthia Whitman Has Customer Complaint

January 30, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Cynthia Whitman (Whitman), currently associated with Cutter & Company, Inc., has at least one disclosable event. These events include one customer complaint, alleging that Whitman recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $15,000.00 on December 05, 2024.

[REDACTED] disputes how the payment for divorce related consulting services provided by Ms Whitman, performed in November 2023, would be handled if/when [REDACTED] were to become a client.

Avantax Investment Services, Inc. Broker Christopher Kirkland Has Customer Complaint

January 30, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker Christopher Kirkland (Kirkland), currently associated with Avantax Investment Services, Inc., has at least 7 disclosable events. These events include 7 customer complaints, alleging that Kirkland recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $750,000.00 on December 11, 2024.

Customer alleged the investment she purchased were not suitable.

IBN Financial Services, Inc. Broker James Mcarthur Has Customer Complaint

January 30, 2025 | by Staff Attorney

According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Mcarthur (Mcarthur), previously associated with IBN Financial Services, Inc., has at least 15 disclosable events. These events include 15 customer complaints, alleging that Mcarthur recommended unsuitable investments in different investment products including debt securities among other allegations and complaints.

FINRA BrokerCheck shows a pending customer complaint with a damage request of $3,600,000.00 on November 15, 2024.

Claimants allege: breach of fiduciary duty; failure to supervise; negligence and gross negligence; and, misrepresentations and omissions. The alleged activity occurred from December 2019 to February 2023.

FINRA Alleges that Former Waddell & Reed Employee, Jeffrey Meyer, Engaged in 37 Private Placement Transactions without Proper Notice

September 24, 2014 | by Staff Attorney

On August 21, 2014, Richard A. March, Senior Regional Counsel of FINRA’s Department of Enforcement filed a complaint against Jeffrey Meyer, a financial advisor in Lake in the Hills Illinois who was formerly associated with Waddell & Reed, Inc. The complaint alleges that while employed at Waddell & Reed and WRP Investments, Inc. Mr. Meyer acted outside the scope of his employment with those firms by participating in 37 private securities transactions totaling more than $1.5 million, without providing prior written notice to the firms of his proposed roles in the transactions. FINRA alleges that as a result of the foregoing, Mr. Meyer violated FINRA Rule 2010. FINRA Rule 2010 states that “A member, in the conduct of its business, shall observe high standards of commercial honor and just and equitable principles of trade.”

Mr. Meyer entered the securities industry in January 2000 as an investment company products and variable contracts representative with Franklin Financial Services, Corp. In February 2001 he became a general securities representative with Focused Investments, LCC. According to FINRA, United Private Capital, Inc. was a corporate entity that was established as an investment vehicle for FOREX currency trading. Between November 2008 and September 2009, United Capital sold corporate guarantees totaling $1 million to 20 investors and Mr. Meyer participated in each of the private securities transactions. Mr. Meyer, in some instances collected checks from customers and assisted them in preparing documents to effectuate the transactions. Furthermore, on at least one occasion, Mr. Meyer presented sales material to an individual who subsequently invested at United Private Capital.

In addition, according to FINRA, Mr. Meyer participated in private securities transactions related to commercial loans through Strategic Lending Solutions, LLC as well. Those promissory notes totaled approximately $300,000 with 13 investors. Mr. Meyer received a 2% payment based on the amount of the promissory note.