April 2020-San Angelo, TX
According to publicly available records of Cecil Allen Ross (CRD#2391047) , a former stockbroker who last worked for LPL Financial, discloses a regulatory event and a customer dispute.
The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.
In December of 2019, FINRA suspended Ross from the securities industry for four months and fined him $5,000 after finding that he engaged in an unsuitable pattern of short-term trading Unit Investment Trusts (UITs) in customers’ accounts while employed by Raymond James. FINRA found that Ross recommended that most of his customers sell and roll over their positions after less than one year, notwithstanding the costs associated with short term trading.
In June of 2014, a customer of Ross’s previous employer, Raymond James Financial , filed FINRA case 14-02745 alleging unsuitable investments and excessive trading. A FINRA arbitration panel awarded the customer $100,000 in damages.
Ross was employed by LPL Financial from September of 2014 until December of 2019. Prior to that time he was with Raymond James Financial Services, Inc., International Assets Advisory, Edward Jones, and Cecil A. Ross Investment & Insurance Group.
If you had an account with Cecil Allen Ross that suffered losses, you may be entitled to collect damages from his prior employer. Call to discuss your options.
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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