FINRA Arbitration Against J.W. COLE FINANCIAL

Soreide Law Group recently filed a FINRA arbitration on behalf of our client (Claimant) against:
J.W. COLE FINANCIAL, INC. (Respondent)
The Claimant resides in Arizona, and maintained accounts with J.W. COLE FINANCIAL, and their former Financial Advisor, KEVIN SCOTT PHILLIPS (CRD#: 1591468).  Phillips is not named in the lawsuit.
The lawsuit alleges that J.W. COLE FINANCIAL and Phillips solicited the Claimant to invest in a non-traded REIT, American Realty Finance REIT (AFIN). Allegedly, the Claimant was advised to purchase and hold the REIT, and to reinvest his dividends. The lawsuit alleges that Phillips advised that the REIT would pay out consistent income, plus return of principal, in a few years.
Allegedly, J.W. COLE FINANCIAL and their former registered representative, Kevin Phillips, failed to adequately advise the Claimant regarding the risk of this recommendation, and the high commissions that J.W. COLE FINANCIAL and Kevin Phillips received for selling the REIT.  AFIN has quickly traded down more than 60% since going public. Phillips also allegedly recommended a smaller investment in Linn Energy, which went bankrupt.
The Claimant has suffered significant damages during a time when the financial markets have enjoyed record returns.  The Claimant has allegedly suffered damages of no less than $51,000.
According to the lawsuit the allegations against the J.W. COLE FINANCIAL are: negligence, breach of fiduciary duty, breach of contract, violation of FINRA rules, and negligent supervision.
According to FINRA’s BrokerCheck, Kevin Phillips has been in the securities industry for 31 years and has been listed with 9 firms.  He has been with SECURITIES AMERICA, INC. of Phoenix, Arizona, since February of 2017.
Phillips was previously with  J.W. COLE FINANCIAL, INC. of Phoenix, Arizona, from May of 2013 to February of 2017.

If you’ve experienced losses due to the actions or recommendations of J.W. COLE FINANCIAL and/or their former registered representative, Kevin Phillips of Phoenix, AZ, contact Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at:  888-760-6552.
Soreide Law Group represents our clients nationally before FINRA on a contingency fee basis—no fee if no recovery.