March 2018 UPDATE–See this for update. Cotter suspended and fined for excessive trading.
July 2016- Charlotte, North Carolina
FINRA records report that a customer of former NEXT Financial Group stockbroker Joseph L. Cotter has alleged damages of $625,000 for mismanagement of her brokerage account from 2013-2016.
Joseph L. Cotter was discharged by NEXT Financial Group on 3/18/2016 for excessively trading a customer account. Cotter was employed by NEXT Financial from 6/2008-3/2016. He has been employed by Petersen Investments since March 2016. Prior to that he was employed by American Municipal Securities, Inc.
In connection with his discharge, NEXT Financial made the following allegations on Cotter’s official FINRA record:
“The firm conducted an internal review of the trading activity in a customer’s accounts and found the level of trading activity to be excessive in light of the customer’s profile and the character of the account.”
If you have losses in an account handled by Joseph Cotter, contact us to learn how you may be able to recover damages from his employer.
Rex Securities Law , with offices in Boca Raton, FL, and Austin, TX, provides representation to investors nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.
Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.
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