Securities Lawyers Blog
Previously financial advisor Jerrold Borrowman (Borrowman), previously employed by brokerage firm Hornor, Townsend & Kent, INC. 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 on March 08, 2021.
The FINRA action alleges that the former Registered Representative recommended unsuitable investments for his IRA portfolios (REITs). It alleges violations of FINRA Broker-Dealer rules, violation of FINRA Rule 3010, breach of fiduciary duty, negligence, fraudulent and negligent misrepresentations, and liability under the doctrine of Respondeat Superior. It claims losses of principal, interest, commissions and fees, loss of income if managed properly, attorneys’ fees, costs and other expenses, and interest, all other sums Claimant is entitled to at law or equity, and punitive damages.