November 2020- New York, NY
According to publicly available records, former Private Client Services financial advisor Jeffrey Slothower, was suspended from the securities industry by FINRA.
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 November 2017, FINRA case #2016049080901 was filed against Slothower. Without admitting or denying the findings, Slothower consented to sanctions and to the entry of findings that a customer of his former member firm lost money from options trading in his brokerage account while Slothower was his broker of record. The findings stated that while associated with his next member firm, Slothower wired $355,000 to the customer’s bank account to offset the customer’s trading losses. At the time of the wire, the customer was not a customer of Slothower. He did not obtain prior written authorization from the prior firm, his firm or the customer. Nor had Slothower or his employing member firms financially contributed to the customer’s brokerage account prior to the wire. Thus, Slothower improperly shared in the customer’s losses. Sanctions ordered were a 15 day suspension beginning 11/20/2017 and a $5,000 fine.
In FINRA case #18-02341 a Merrill Lynch, Pierce, Fenner & Smith customer alleged unauthorized trading, theft, forgery, unsuitable investment recommendations and misrepresentation from August 2012 until December 2015. That case settled for $35,000.
Slothower was been employed by Private Client Services since 1/2016-6/2016. He is not currently registered with any broker dealer. Earlier in his career he was with Merrill Lynch, Pierce, Fenner & Smith, Northwester Mutual Investment Services, Assent, and Goldman Sachs.
If you have losses in an account handled by Jeffrey Slothower, 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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