Donald Logan Allegedly Gave Bad Advice

Waddell Reed Clients Indicate Broker Donald Logan Caused Their Losses

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming information in regard to securities broker Donald Logan [CRD#: 5537486, Silverdale, Washington]. Supposedly, at least 5 clients raised serious concerns about the securities broker, who worked for Waddell Reed between 2015 and 2018. Also, the securities broker reports that FINRA sanctioned him for discretionary trading. In sum, these disclosures suggest that Logan made inappropriate and unauthorized trades causing clients to experience losses. Read on to learn more about the allegations against Logan.

Donald Logan Allegedly Makes Unsuitable Recommendations To Waddell Reed Client

Evidently, a client of Waddell Reed contested Donald Logan’s securities recommendations through bringing FINRA Arbitration #: 19-03479 on December 3, 2019. Allegedly, Logan advised the client to purchase unreasonable variable life insurance policies. Supposedly those life insurance policies did not gel with the client’s overall goals or risk tolerance. It seems that Logan’s recommendations caused the client to incur losses. As a result, the client asked for compensation from Waddell Reed or Logan in the amount of $24,756 in this ongoing matter.

Waddell Reed Client Suggests That Logan Gave Bad Advice

Apparently, on April 1, 2019, a Waddell Reed client made a formal complaint about Donald Logan. Apparently, the client contended that Logan recommended a bad long term care policy. Allegedly, his investment advice was not appropriate as it failed to align with the client’s risk tolerance or some other aspect of the client’s investment profile. Not only that, but the client indicated that Logan unsuitably recommended that the client withdrawal IRA funds to pay for the policy. Therefore, on September 9, 2019, Waddell Reed settled this client’s dispute by way of paying the client $7,795.14.

FINRA Sanctions Donald Logan

Evidently, on February 5, 2019, FINRA issued Acceptance, Waiver and Consent (“AWC”) #: 2015046378601 sanctioning Donald Logan. Specifically, FINRA issued an 18 month suspension and $25,000 fine to the securities broker. Notably, FINRA contended that Logan violated NASD Rule 2510(b) by effecting trades on a discretionary basis in Edward Jones and Waddell Reed clients’ accounts without obtaining written authorization. It appears that the securities broker potentially traded without clients’ knowledge or permission too. Supposedly, he also told clients to sign incomplete forms or blank forms so he could process future transactions. Evidently, FINRA suspended the broker in all capacities from January 22, 2019 to July 21, 2020.

Waddell Reed Disaffiliates With Logan

Supposedly, Waddell Reed disaffiliated with Logan on September 6, 2018. Allegedly, Logan violated the securities firm's policies and procedures. Namely, the securities broker allegedly held signed incomplete forms or blank forms from clients and had altered documents.

Losses From Waddell Reed Securities Broker Donald Logan?

Have you experienced losses by investing with Donald Logan? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning 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 incurred losses due to misconduct of securities brokers like Logan and brokerage firms.