Securities Lawyers Blog
According to records kept by The Financial Industry Regulatory Authority (FINRA) financial Broker James Minich (Minich), previously associated with Purshe Kaplan Sterling Investments, has at least one disclosable event. These events include one customer complaint, alleging that Minich 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 $100,000.00 on November 24, 2023.
On November 1, 2023 Clients’ son filed a complaint with the NY Attorney General’s Office which Complaint was subseqently re-filed with the NY State Department of Financial Services on April 24, 2024. Clients allege that MinichMacGregor Wealth Management and Principal Jim Minich charged incorrect management fees from 1994-2023 greater than the stated rate of 1%. Clients also allege misleading and misrepresentation of their financial affairs and assert that the brokerage account summaries had performance metrics removed and investment results over any period removed from annual and monthly reports. Clients also allege mismanagement and abandonment of accounts. Clients allege that James Minich started a new annuity in 2004 and then ceased trading in the account in 2015, and removed themselves as advisor in 2017 and the annuity has not had a financial advisor managing the investments for the last 9 years, and was placed as a house account for the last 7 years, despite being listed by MinichMacGregor as one of the accounts they manage. Clients also allege a violation of fiduciary duty and asserted that Jim Minich recommended an annuity for clients when they were 80 years old and assert that the fees associated with new annuities make it an irresponsible choice for 80-year-olds.