Securities Lawyers Blog
Currently financial advisor Jeffrey Sullivan (Sullivan), currently employed by brokerage firm Hightower Securities, LLC has been subject to at least one disclosable event. These events include one customer complaint. According to a BrokerCheck reports most of the recent customer complaints concern either corporate debt securities or alternative investments such as direct participation products (DPPs) like business development companies (BDCs), non-traded real estate investment trusts (REITs), oil & gas programs, annuities, and private placements. The attorneys at Gana Weinstein LLP have represented hundreds of investors who suffered losses caused by these types of high risk, low reward products.
FINRA BrokerCheck shows a settled customer complaint with a damage request of $400,000.00 on July 14, 2021.
Jeffrey Sullivan is involved in a FINRA arbitration alleging certain sales practice violations, including a violation of suitability obligations, in connection with a private placement investment made between September 2015 and April 2017, currently required to be disclosed pursuant to FINRA guidance. The client initiated the arbitration following poor investment performance of an externally managed private fund that Mr. Sullivan recommended, despite the fact that Mr. Sullivan had no control over the fund’s performance. Mr. Sullivan intends to defend the allegations vigorously. FINRA arbitration for this matter is still pending, and the FINRA arbitration tribunals have not yet finalized their evaluation of the client’s statement of claim. In keeping with FINRA’s disclosure requirements, this arbitration is required to be disclosed before Mr. Sullivan can defend his actions.