JAMES JOHN RAIA (JIM RAIA), is currently a broker, registered with MOLONEY SECURITIES CO., INC. of Ridgewood, New York, since 2/1/2018. He was previously listed with SUMMIT BROKERAGE SERVICES, INC from 09/03/2015 - 02/09/2018 and JP TURNER & COMPANY, LLC, from 12/18/2009 - 09/29/2015 both of Ridgewood, New York.
Soreide Law Group is investigating the possible sale of GWG Holdings L-Bonds to clients of JAMES JOHN RAIA. In April of 2022, GWG Holdings, Inc. filed for Chapter 11 bankruptcy. GWG had issued $1.6B of life settlement-backed bonds to investors. Millions of dollars are owed to L Bond investors. Approximately 145 brokerage firms partnered with Emerson Equity to sell L Bonds. The redemption payments were suspended, and investors have no way of getting rid of their bonds. Many investors, often elderly and retired, were not made aware of the true nature of this risky product.
According to FINRA’s BrokerCheck, available to the public on FINRA’s website, JAMES JOHN RAIA, has been in the securities industry for 27 years and has been listed with 10 firms. He has 9 Disclosures on his FINRA CRD report. Of the 9 disclosures, 1 is an “Employment Separation after Allegations,” and 8 are “Customer Disputes.” The significance of JIM RAIA’s FINRA Customer Complaints is underscored in FINRA NOTICE to MEMBERS 03-49. FINRA conducted a review of the CRD’s of all registered representatives, only .41% had been the subject of 3 or more customer complaints. In other words JAMES JOHN RAIA’s customer complaints rank him in the top one-hundredth percent of all registered representatives for customer complaints.
Of the “Customer Disputes” that have settled some of the allegations in part are, “NEGLIGENCE, BREACH OF CONTRACT, UNSUITABLE INVESTMENT AND MISREPRSENTATION.” JAMES JOHN RAIA refutes the allegations.
If you would like to discuss this or any other securities issues contact Soreide Law Group and speak to an experienced securities lawyer at no cost: 888-760-6552.
Soreide Law Group represents our clients nationwide before FINRA on a contingency fee basis.
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