Jim Allen Involved in Suitability Disputes

Securities Broker Jim Allen Involved In Suitability Disputes

Soreide Law Group is reviewing whether to bring possible investor lawsuits against James “Jim” Allen (CRD#: 2287824, Chicago, Illinois). The securities broker worked for Citigroup Global Markets (2007 to 2017), Sanctuary Securities (2017 to 2020) and Oppenheimer (2020 – present). Evidently, two investors brought investment disputes about Allen’s sales practices. Those disputes are summarized below.

David A. Noyes Client Indicates That Jim Allen Sold Unsuitable Alternatives

Evidently, a recent dispute on Allen’s record comes from a David A. Noyes client. In this October 2020 FINRA Arbitration Claim, the client alleged that Allen sold unsuitable alternative investments. It is possible that Allen may have overlooked the client’s suitability profile (e.g. risk tolerance, investment objectives). For this reason, the client demanded $160,000. This matter is ongoing.

Citigroup Global Markets Client Alleges Unsuitable Investments In Dispute About Jim Allen

Additionally, a client of Citigroup Global Markets took aim at Jim Allen through an August 2017 dispute. Allegedly, Allen recommended unsuitable private placements to the client when they had limited investment experience and limited resources. Supposedly, Allen over-concentrated the client in the investment which caused them to experience significant losses. Moreover, the client indicated that Allen failed to disclose risks and had the client overstate their net worth to qualify for investments. For this reason, Citigroup Global Markets opted to settle this matter through making a $73,000 payment to the client in August 2018.
Moreover, FINRA BrokerCheck shows that Citigroup permitted Jim Allen to resign amid allegations of violating company policy. Notably, the firm indicated that Allen’s infractions related to improper client communications and inaccurate client profiles.

Losses From Jim Allen?

Evidently, Jim Allen denies allegations of his sales practice violations. Have you experienced losses by investing with this securities broker? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to securities brokers and financial advisors.