FINRA Sanctions James Parrelly

Soreide Law Group is investigating possible investor claims against securities broker James Parrelly AKA Jim Anthony Parrelly [CRD#: 728368, Dearborn, MI]. Evidently, FINRA sanctioned the securities broker, who worked for Investment Planners. Allegedly, Parrelly failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. Here is a brief summary FINRA’s allegations against Parrelly.

FINRA Sanctions Investment Planners Securities Broker James Parrelly For Failure To Testify

Evidently, FINRA issued Case #: 2020067338101 on June 28, 2022 sanctioning James Parrelly for infractions. Allegedly, Parrelly failed to testify when FINRA investigated the stockbroker for possible violations of FINRA rules. Therefore, on June 28, 2022, FINRA barred the securities broker.

Supposedly, on July 12, 2021, Investment Planners Inc. filed a Uniform Termination Notice for Securities Regulation (Form U5) with FINRA ending Parrelly’s association with the firm. It had been alleged that Parrelly had used his personal email address to conduct securities business which was a violation of Investment Planners' supervisory procedures. On May 3, 2022, FINRA sent Parrelly a request for on-the-record testimony. On May 24, 2022, through his counsel, Parrelly indicated that he received FINRA’s request but that he would not appear for on-the-record testimony at any time. Parrelly violated FINRA Rules 2010 and 8219 as a result.

FINRA Sanctions Investment Planners Securities Broker For Unauthorized Transactions

Also, on May 5, 2020, FINRA issued Case #: 2020067338101 sanctioning James Parrelly for infractions. Specifically, FINRA imposed a 15-day suspension and a $5,000 fine. Notably, FINRA alleged that Parrelly made unauthorized transactions.

Investment Planners Securities Broker James Parrelly Terminated For Unauthorized Transactions

Evidently, Investment Planners disaffiliated with Parrelly. Allegedly, Parrelly made unauthorized transactions.

Investment Planners Investor Accuses Parrelly Of Negligence

Also, an Investment Planners client filed FINRA Arbitration #: 21-00895 about James Parrelly. Namely, the client alleged that Parrelly was negligent, and made unsuitable transactions. Because of this, the client sustained damages on stocks. Therefore, on April 28, 2022, Investment Planners settled this matter by paying the client $25,000.

James Parrelly Discloses Negligence Allegations By Investment Planners Client

Moreover, a client of Investment Planners contested James Parrelly’s sales practices by filing FINRA Arbitration #: 19-00818. Allegedly, Parrelly churned the client’s account, was negligent, and made unsuitable transactions. Supposedly, the equities and promissory notes which Parrelly sold or recommended had caused the client to sustain damages. Therefore, Investment Planners opted to settle the matter on August 25, 2020 by compensating the client in the amount of $375,000.

First Midwest Securities Investor Accuses Parrelly Of Unsuitable Trading

Evidently, a First Midwest Securities client filed a complaint about James Parrelly. Notably, the client alleged that Parrelly made unauthorized and unsuitable transactions. Because of this, the client sustained damages on stocks. Therefore, on September 27, 2010, First Midwest Securities settled this matter by paying the client $90,000.

James Parrelly Discloses Breach Of Contract Allegations By American Investment Services and Spelman Co. Client

Also, a client of American Investment Services and Spelman Co. contested James Parrelly’s sales practices by filing FINRA Arbitration #: NASD 03-08000. Allegedly, Parrelly made unsuitable transactions, breached a contract, acted unethically, was negligent, breached a fiduciary duty, and violated securities laws. Supposedly, the stocks which Parrelly sold or recommended had caused the client to sustain damages. Therefore, American Investment Services and Spelman Co. opted to settle the matter on November 26, 2003 by compensating the client in the amount of $150,000.

North American Financial Group Investor Accuses Parrelly Of Breach Of Fiduciary Duty

Also, a North American Financial Group client filed a complaint about James Parrelly. Namely, the client alleged that Parrelly acted unethically, made misrepresentations, breached a fiduciary duty, and violated securities laws. Because of this, the client sustained damages. Therefore, on July 23, 1996, North American Financial Group settled this matter by paying the client $100,000.

Recent Employer Information

James Parrelly worked for Investment Planners in Dearborn, MI, as a securities broker from March 9, 2015 to July 23, 2020.

Did Investment Planners Securities Broker Parrelly Cause You To Experience Damages?

Have you sustained damages by investing with James Parrelly? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney about potentially recovering your investment losses. Soreide Law Group, who has effectively recovered money for investors in all 50 states, represents clients on a contingency fee basis and advances all costs. Parrelly and brokerage firms Parrelly was employed by deny any and all allegations of sales practice violations.