Jim Joly Involved In Cantella, LPL Investor Disputes

Cantella, Voya and LPL Clients File Investor Disputes About Broker Jim Joly

Investment loss recovery counsel at Soreide Law Group is looking into possible investor claims concerning James Ernest Joly (CRD#: 2193463, East Greenwich, Rhode Island). Evidently, the Financial Industry Regulatory Authority (“FINRA”) shows through BrokerCheck that the securities broker, who has worked at Cantella Co. since July 2018, and who previously worked for Voya Financial Advisors and LPL Financial, is involved in five investor disputes. Here’s more on those disputes, and what you could do if you experienced losses.

Cantella Client Indicates That Jim Joly Caused Tax Implications On Annuity Transaction

Namely, a client of Cantella brought a dispute about Jim Joly in April 2020 regarding an annuity transaction. Supposedly, Joly did not contact an estate attorney regarding a financial transaction. Allegedly, the client’s assets moved into an annuity and this created a tax consequence for their trust. Evidently, Cantella denied this client’s complaint.

Joly Supposedly Sells Unsuitable Private Securities To Client

Evidently, Jim Joly worked for LPL Financial from 1996 to 2017. Apparently, an LPL Financial client took aim at Joly’s sales practices. In the June 2019 complaint, the client indicated that Joly caused them losses on private securities. Supposedly, the securities broker arranged an unsuitable transaction. For this reason, the client demanded more than $84,000 in compensation. However, LPL Financial denied this client’s complaint in July 2019.

Voya Financial Advisors Disaffiliates With Jim Joly For Allegedly Violating Voya’s Policies On Client Documents, Outside Business Activity

It appears that Jim Joly worked for Voya Financial Advisors from 2017 to 2018 as both a financial advisor and a securities broker. In July 2018, the securities firm disaffiliated with him for alleged misconduct. Specifically, Voya Financial Advisors mentioned that Joly had clients’ signed but incomplete documents on file. Not only that, but the securities firm alleged that the securities broker engaged in an outside business activity.

LPL Financial Client Alleges That Jim Joly Engaged In Unauthorized Trading

In addition, a client of LPL Financial disputed Jim Joly’s sales practices in a September 2017 complaint. It appears that Joly’s mutual fund and non-traded REIT transactions were not suitable. Secondly, the securities broker allegedly made unauthorized trades. However, LPL Financial denied this dispute.

Unsuitability Alleged With REIT, BDC Transactions

Notably, a prior LPL Financial client disputed Jim Joly’s sales practices regarding TICs, REITs and BDCs. Supposedly, Joly had the client make unsuitable purchases of these alternative investments. For this reason, LPL Financial settled the matter through making an $87,500 payment to the client.

Did You Lost Money By Investing Through Jim Joly?

Did Jim Joly cause you to incur investment losses at LPL Financial, Voya or Cantella? If so, call Soreide Law Group at (888) 760-6552 and speak with an experienced securities lawyer about a possible recovery. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions for investors who incurred damages because of their financial advisors or securities brokers. Please note: Joly denies all allegations of his sales practice violations.
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