October 2020- Conshohocken, PA
According to publicly available records, former Stifel, Nicolaus & Company, financial advisor Joseph H. Pratt, has been barred from FINRA and discloses 2 settled customer disputes, a pending customer dispute and 2 terminations from employment.
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 September 2019, in FINRA case 2014043750301, Pratt was permanently barred from the securities industry to resolve allegations that he obtained confidential information received from insiders at a public biopharmaceutical company and misused the confidential information by communicating it to several of his member firm’s customers. The findings stated that Pratt knew company insiders, including a director, a member of the company’s scientific advisory board and a doctor involved in the United States Food and Drug Administration (FDA) clinical trials. On numerous occasions, Pratt failed to disclose these relationships to his firm as required. The company sent the firm a letter stating that Pratt had been attempting to obtain confidential information from several company insiders.
In 2009 and 2017 customers of Wells Fargo Advisors, Pratt’s previous employer, filed disputes alleging that he placed accounts in high risk stocks and that contingent deferred sales charges were not disclosed at the time of purchase. These cases settled cumulatively for $68,547.
In June of 2020 FINRA case #20-01859 was filed by a customer of Stifel ,Nicolaus & Company alleging violation of Florida Securities and Investor Protector Act, breach of fiduciary duty, negligence and violation of FINRA Rules. Damages of $232,000 are sought in this pending case.
In September 2019 Pratt was discharged from Stifel, Nicolaus & Company after signing a letter of Acceptance, Waiver of Consent which included a bar from association with any FINRA member in any capacity.
In November 2014 Pratt voluntarily resigned from Wells Fargo Advisors after the firm’s review of his relationship with two outside companies, and with certain clients investing in a private investment not associated with Wells Fargo.
Pratt was employed by Stifel, Nicolaus & Company from January of 2014 until he was barred from FIRNA in September 2019. Before that time he was employed by Wells Fargo Advisors and A.G. Edwards & Sons, Inc.
If you have losses in an account handled by Joseph Pratt, call to learn how you may be able to recover damages through FINRA arbitration.
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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