Florida-based Soreide Law Group, (888) 760-6552, has obtained the following summation from FINRA's website under “Disciplinary and Other FINRA Actions March 2015.”
Jennifer Joice Trowbridge (CRD #4310649, Boca Raton, Florida)
was assessed a deferred fine of $10,000 and suspended by FINRA for two months for allegedly recommending a series of mutual fund switches in clients accounts without having reasonable grounds for believing that such transactions were suitable for those clients in view of the nature of the recommended transactions, the frequency of the transactions and the transaction costs incurred.
FINRA's findings stated that Trowbridge recommended that the clients purchase Class A mutual funds, for which they paid commissions and front-end sales charges. Trowbridge then recommended that the customers sell those Class A mutual funds within only one month to 13 months after purchasing them. On average, these clients held the Class A mutual funds at issue for less than six months.
Trowbridge used the proceeds of the sales to purchase mutual funds offered by other fund families, causing the customers to pay additional commissions and fees. In total, the customers paid approximately $60,000 in unnecessary commissions on these switch transactions.
FINRA's findings also stated that at various times, Trowbridge effected discretionary trades in a client’s account, with the client’s verbal consent, but without obtaining written authorization and without seeking or gaining her member firm’s acceptance of the account as discretionary.
The suspension is in effect from February 17, 2015, through April 16, 2015.
(FINRA Case #2011025433902)
Jennifer Joice Trowbridge was previously registered with the following securities firms
09/2012 - 11/2014 QUESTAR CAPITAL CORPORATION (CRD# 43100) - BOYNTON BEACH, FL
01/2010 - 09/2012 ESSEX SECURITIES LLC (CRD# 46605) - BOYNTON BEACH, FL
08/2005 - 12/2009 INVESTORS CAPITAL CORP. (CRD# 30613) - BOYNTON BEACH, FL
10/2003 - 08/2004 SIG SECURITIES, L.L.C. (CRD# 45915) - DALLAS, TX
02/2002 - 10/2003 NFP SECURITIES, INC. (CRD# 42046) - AUSTIN, TX
The summation obtained from FINRA's website ends here.
If you suffered investment losses because of your broker or financial advisor's recommendations, please call Soreide Law Group for a consultation at no cost with an attorney on possible recovery of those losses: 888-760-6552.
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