Investment Broker Is Accused Of FINRA Violations


FINRA ExpertThis defamation case involves a broker who had a non-discretionary account with two clients. The clients invested approximately $500,000 into the account and lost $100,000. As a result, the clients created a website about the broker with numerous allegations about his trustworthiness and ability as an investment broker. One allegation suggested that the broker had numerous FINRA complaints. An expert in investment brokerage was sought to opine on how this defamation affected the broker’s business.

Question(s) For Expert Witness

  • 1. Please describe your investment brokerage experience, particularly as it relates to attracting and maintaining business.
  • 2. What is your experience evaluating CDR disclosures?

Expert Witness Response E-015419

Expert-ID: E-015419

I spent 20+ years as a financial adviser or as a manager of financial advisors, and the last 6 years as a complex director in the wealth management division of a large bank. I had to build a book of business on my own and then train advisors on how to effectively do so. In addition, I was very involved in “Supernova” – a practice management concept all about attracting and maintaining clients. I was a hiring manager for 12 years, so I had to review disclosures all the time. I now run a recruiting business for financial advisors. I evaluate CRDs every day. I have seen situations of clients punishing advisors through negative publicity/gossip, etc.

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