David A. Noyes Investors Complain About James Allen

Soreide Law Group is conducting an investigation into potential claims on behalf of investors who may have suffered financial losses due to the actions of securities broker James Arthur Allen (also known as Jim Allen) (CRD#: 2287824, Chicago, Illinois). Allen has had affiliations with several employers during his career, most recently with Oppenheimer & Co. Inc. in Chicago, IL since September 30, 2020, for his roles as a financial advisor and a broker. Moreover, Allen was employed by Sanctuary Advisors, LLC and Sanctuary Securities, Inc. (also known as David A. Noyes) in Indianapolis, IN, and Lake Forest, IL, from June 27, 2017, to September 30, 2020. Notably, Allen has faced investors’ allegations of recommending unsuitable investments, which led to settlements in some cases.

David A. Noyes Investor Accused Allen Of Unsuitable Purchase Of Alternative Investments

Evidently, a David A. Noyes client filed FINRA Arbitration: 20-03510 about James Allen. The client specifically alleged that Allen recommended the purchase of an unsuitable alternative investment. Because of this, the client supposedly sustained damages on alternative investments, amounting to $160,000. Therefore, on December 21, 2021, David A. Noyes settled this matter by paying the client $95,000 in damages.

James Allen Disclosed Overconcentration Allegations By Citigroup Global Markets, Inc. Client

Also, a client of Citigroup Global Markets, Inc. contested James Allen's sales practices, according to a complaint. Allegedly, Allen recommended an unsuitable Regulation D investment and over-concentrated the client's position, which resulted in substantial financial loss. Moreover, Allen is accused of failing to disclose potential risks and allegedly coaching the client to overstate his net worth. The client reportedly sustained damages totaling $325,000 on private placements. Therefore, on August 22, 2018, Citigroup Global Markets, Inc. opted to settle the matter by compensating the client in the amount of $73,000.

Citigroup Global Markets Inc. Terminated Allen For Policy Violations

Additionally, on April 4, 2017, Citigroup Global Markets Inc. disaffiliated with Allen. Namely, Citigroup Global Markets Inc. alleged that Allen violated the firm's policies on communications with clients and created three inaccurate client profiles.

Have You Incurred Losses With James Allen?

Did you experience losses because of Jim Allen? If so, reach out to Soreide Law Group online or at (888) 760-6552 and talk with a securities attorney concerning a potential recovery. Soreide Law Group has recovered money for investors throughout the United States, works on a contingency fee basis, and advances all costs. Allen and brokerage firms he worked for deny accusations of sales practice violations.