The investment lawyers of Gana LLP are investigating the regulatory action brought by the Financial Industry Regulatory Authority (FINRA) against broker James Cox (Cox).
According to Cox’s Brokercheck records, he has been sanctioned by FINRA because he allegedly recommended unsuitable annuity transactions to a customer and received commissions of $25,460 in connection with the exchange. Without admitting or denying the findings, Cox consented to the sanctions and to the entry of findings. Cox was suspended from FINRA for four months and fined a total of $35,460.
In April 2017, Cox was terminated from Stifel, Nicolaus & Company, Incorporated because of a “lack of confidence after settlement of customer complaint and nondisclosure of outside business activity”
Moreover, Cox has been subject to four customer disputes.
In June 2012, a customer alleged that when the customer retired, Cox made unsuitable recommendations, made material misrepresentations, and breached his fiduciary duty. This dispute settled for $25,000.
In June 2014, a customer alleged that Cox failed to monitor the customer’s account and invested his assets in unsuitable investments. This dispute is pending.
Subsequently, In November 2014, Cox allegedly provided misleading advice to a customer who applied for two annuities to replace older annuities. This dispute settled for $480,000.