Janney Montgomery Broker Christopher Sinkula Allegedly Made Unsuitable Trades

Soreide Law Group is investigating the advancement of investor complaints against Janney Montgomery Scott LLC and securities broker Christopher Sinkula (CRD#: 2001512, Stuart, Florida). Notably, the Financial Industry Regulatory Authority (“FINRA”) shows on BrokerCheck that 13 or more investors brought complaints or arbitration actions about Sinkula. Apparently, 8 of those disputes settled through payments to clients; the remainder are ongoing or have been denied. Significantly, these disputes suggest Sinkula made unsuitable recommendations or sales of securities. Here’s a closer look at some of the investors’ disputes:

Janney Montgomery Scott Client Suggests Christopher Sinkula Made Unsuitable Stock Trades

First of all, a client of Janney Montgomery Scott contested Christopher Sinkula’s sales practices through bringing FINRA Arbitration #: 19-01934. Namely, the client contended that Sinkula made unsuitable recommendations or trades of stocks. Supposedly, Sinkula did not have a reasonable basis to believe that his stock recommendations were suitable for the client. It is possible that Sinkula did not take into account the client’s situation and risk tolerance. Because of the allegedly unsuitable trades Sinkula made, the client seeks $132,000 in compensatory relief in this ongoing matter.

Sinkula Allegedly Makes Unreasonable, Unnecessary Equities Trades

Evidently, Christopher Sinkula disclosed that a client contested his sales practices by bringing FINRA Arbitration #: 19-00626 on March 4, 2019. Apparently, the Statement of Claim makes allegations of Sinkula investing the client’s assets in unsuitable investments. It appears that the equities Sinkula traded did not reflect the client’s investment objectives, needs or risk tolerance. Evidently, on May 12, 2019, Janney Montgomery Scott LLC settled this matter through paying the client $40,000.

Janney Montgomery Client Indicates Christopher Sinkula Over-concentrated Investments In Energy Stocks

Apparently, a third client of Janney Montgomery Scott disputed Christopher Sinkula’s trading. In FINRA Arbitration #:17-02467, the client refers to Sinkula allegedly over-concentrating the client’s account in energy stocks. Supposedly, there was a large concentration of the client’s accounts in these risky investments, which the customer suggested was unreasonable or unsuitable. Therefore, Janney Montgomery Scott opted to compensate the client to the tune of $24,750. Indeed, Sinkula personally contributed funds towards the February 23, 2018 settlement of the client’s dispute.

Investors Suggest Sinkula Charged Excessive Fees, Misrepresented Investments

Sinkula’s BrokerCheck Report shows that his clients also alleged that he misrepresented investments, failed to follow instructions, and charged excessive fees. For instance, a few clients suggested that Sinkula made misleading or false remarks about features and risks of variable annuities he sold. And at least one client indicated that Sinkula did not follow instructions in connection with alternative investment trades.

Lars Soreide Highest Ethical Standard Award 2018

Lars Soreide Highest Ethical Standard Award 2018

Did you sustain losses by investing with broker Christopher Sinkula? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.