Investor Alert! The Financial industry Regulatory Authority (“FINRA”) reports alarming information about securities broker Chris Anthony Fernan (CRD#: 5896584, Melville, New York). Apparently, a large number of clients filed disputes about the securities broker, who worked for Salomon Whitney Financial (“SW Financial”) from 2015 to 2017 when it disaffiliated with Fernan for borrowing from a client. Notably, these clients’ disputes suggest that Fernan sold bad investments and violated his fiduciary responsibility to them. For more on the allegations against Fernan, check out these disclosures:
FINRA Arbitrator Orders SW Financial To Pay Client For Chris Fernan’s Unsuitable Trades
Apparently, a client of SW Financial filed FINRA Arbitration Claim #: 19-03796 about Chris Fernan on December 23, 2019. First of all, the client alleged that Fernan chose an unreasonable and unsuitable investment strategy that included options. Secondly, Fernan allegedly breached a fiduciary responsibility to this client, placing his interests ahead of the client’s interests. Thirdly, the client alleged that SW Financial violated securities regulatory rules, failing to supervise Fernan’s options trading strategy. Ultimately, a FINRA Arbitrator determined SW Financial liable and mandated payment of $22,575.08 to this client.
Fernan Allegedly Guarantees Against Client’s Losses On Options
Evidently, a second SW Financial client disputed Chris Fernan’s sales practices on November 27, 2018. Mainly, the client suggested that Fernan made false promises or guarantees about the client’s investments. Supposedly, Fernan told the client that he would pay her if she lost money on options – and it seems that the client sustained losses. Because of this, the client asked for compensation. However, SW Financial denied the claim.
SW Financial Client Indicates That Chris Fernan Was Deceptive
Notably, a client of SW Financial contested Chris Fernan’s sales practices in FINRA Arbitration #: 18-02182 on June 15, 2018. Allegedly, Fernan negligently and deceptively traded in the client’s account. Also, the securities broker supposedly breached a contract and he failed to abide by his fiduciary responsibility when recommending or trading securities. Supposedly, Fernan’s sales practices led to the client’s losses on stocks and options. For this reason, SW Financial opted to pay the client $65,000 to settle this matter on May 20, 2019.
Fernan Allegedly Churns Client’s Account
Apparently, a fourth SW Financial client took aim at Chris Fernan on March 12, 2018 through filing FINRA Arbitration #: 18-00906. In this claim, the client suggested that Fernan excessively traded listed equities and options. It seems that the securities broker might have been churning – trading mainly to generate commissions from the client. Moreover, the client accused Fernan of unauthorized trading. Also, like other clients, this client indicated that Fernan was in breach of a fiduciary duty and in breach of contract. Because of this, SW Financial compensated the client to the tune of $20,000.
Did Securities Broker Chris Fernan Sell You Bad Investments?
Have you experienced losses by investing with Chris Fernan? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities brokers like Fernan and their brokerage firms.