June 2018- Morristown/Johnson City , Tennessee
The FINRA records of John J. Maloney III (Jack Maloney) , a stock broker who is employed by Woodbury Financial Services , disclose 2 pending customer disputes, 3 prior customer disputes, and a termination 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.
Two FINRA arbitrations are currently pending:
- Case 17-3464- A customer of Maloney’s prior employer Edward Jones seeks damages of $329,523 and alleges that recommendations to invest in FireEye since 2014 was not a suitable investment.
- Case 17-3010-Another Edward Jones customer alleges that Maloney made misrepresentations, unsuitable recommendations, breached his fiduciary duty and other claims from 12/1998-5/2016. The customer seeks an unspecified amount of damages.
In 6/2017 a customer of Edward Jones was paid $132,500 to settle FINRA Case 16-1706 in which they alleged that Maloney made unsuitable recommendations to purchase individual equities that resulted in losses.
Jack Maloney was employed by Edward Jones from 3/1981 until he was discharged in 5/2016. According to Edward Jones “Mr. Maloney did not adhere to the Firm’s policy regarding suitability of recommendations”. Maloney has been employed by Woodbury Financial Services since 6/2016, and operates Crossbridge Wealth Management & Benefits Group in Johnson City, TN.
FireEye stock reached a high of $88 in February of 2014 and currently trades for about $17.
Brokers have a duty to make recommendations that are suitable, taking into account the age, health, level of financial sophistication, risk tolerance and investment objectives of the customer.
If you have questions about an account handled by Jack Maloney, call for a no charge consultation 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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