Portfolio Advisors Alliance Client Alleges Sales Practice Violations By Broker Howard Allen
Soreide Law Group comes to you with important information about securities broker Howard Joseph Allen (CRD#: 2033586, New York, New York). BrokerCheck confirms that Allen worked as a securities broker for Portfolio Advisors Alliance LLC from January 2009 to December 2019. So far in Allen’s career, it appears that six investors brought disputes about him, and one of those investors reportedly held accounts at Portfolio Advisors Alliance. Notably, SEC also barred Allen as a securities broker, which effecting prevents him from being a broker or financial advisor. Here’s more about these disclosures.
PAA Client Alleges Unauthorized Trading, Negligence Concerning Howard Allen’s Equity Trading
It appears that a client of Portfolio Advisors Alliance disputed Howard Allen’s sales practices in August 2020. First of all, this FINRA Arbitration Claim contains allegations of unauthorized trading and negligence involving stocks. Secondly, the client purportedly received misrepresentations from Allen relating to their equities account. Thirdly, the Portfolio Advisors Alliance securities broker purportedly acted in breach of contract and in breach of fiduciary duty. For this reason, the client demands $37,761 in compensation to resolve this ongoing matter.
SEC Bars Howard Allen As Securities Broker
Evidently, in January 2020, SEC issued an order barring Howard Allen from having an association with any broker, dealer, municipal securities dealer, and investment adviser. Notably, the regulator brought a lawsuit against Allen alleging that when he sold AGF II securities in a private placement offering through Portfolio Advisors Alliance (PAA), he provided investors with documents containing false AGF II financial statements concerning audits. The Commission contends that Allen kept using the documents knowing that the information investors received was false.
In May 2019, A jury found that Allen violated federal securities laws, including the Securities Act of 1933 and Exchange Act of 1934, and SEC Rule 10b-5 relating to his activities involving AGF II. Before barring Allen, SEC obtained a judgment against him which enjoined him from violating antifraud laws.
Prior Disputes Allege Churning, Excessive Trading
Notably, an investor filed an NASD Arbitration Claim against Sands Brothers, among others. Mainly, in the Statement of Claim, the client alleges churning of their account and unauthorized trading. Evidently, the Panel issued an Award that required Sands to pay $551,135 to the client and for Howard Allen to pay losses in proportion to the commissions he received.
Howard Allen’s Sands Broker Client Claims Unauthorized Trading, Breach Of Fiduciary Duty
A different Sands Brothers client brought an NASD Claim concerning Howard Allen. The causes of action include breach of fiduciary duty, misrepresentation, unsuitable trading, and unauthorized trading. Evidently, the parties settled this through mediation.
Losses Through Howard Allen?
Did you suffer losses because of securities broker Howard Allen? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Allen denies all allegations of his sales practice violations.
