Broker Jim Schwartz Allegedly Made Unauthorized, Unsuitable Transactions Causing Losses To Clients

Soreide Law Group is reviewing potential investor claims against Joseph Gunnar broker James “Jim” Bradley Schwartz (CRD#: 3043085, New York, New York). Apparently, FINRA BrokerCheck reports that the securities broker, who worked for Joseph Gunnar (2016-2017), First Standard Financial Company (2016) and Aegis Capital Corp (2013-2016), discloses 11 customer disputes. Namely, these disputes center on allegations of Schwartz’s sales practice violations. Not only that, but FINRA indefinitely barred Schwartz in 2019 for his seemingly egregious trading practices which caused harm to investors. Here is what you need to know.

Aegis Client Alleges Jim Schwartz Sold Unsuitable Investments

On March 9, 2020, Aegis Capital Corp received a complaint from a client who signaled Jim Schwartz’s bad sales practices in FINRA Arbitration Claim #: 20-00036. First of all, the client indicated that Schwartz sold unsuitable investments. Secondly, Schwartz or Aegis Capital Corp’s actions supposedly amounted to a breach of contract. Finally, the client contended that Schwartz breached his fiduciary responsibility. It appears that Schwartz failed to place the client’s interests first. For this reason, the client demanded $341,386 in damages in this ongoing matter.

FINRA Arbitration Indicates Schwartz May Have Breached Fiduciary Duty

Evidently, a client of Aegis Capital Corp brought FINRA Arbitration #: 19-03414. Allegedly, Jim Schwartz made excessive, unsuitable trades in this client’s account. Not only that, but the client suggested that Schwartz was misleading and had made false statements relating to investment transactions. It is possible that Schwartz’s allegedly unsuitable and misrepresented transactions had caused the client to incur losses. As a result, the client demanded $200,000 from Schwartz or Aegis Capital Corp. Apparently, this matter is pending a resolution.

Aegis Client Indicates Jim Schwartz Made Unauthorized Trades

Also, Aegis Capital Corp reports FINRA Arbitration Claim #: 18-01797 on Jim Schwartz’s BrokerCheck Report. Namely, the dispute contains allegations of Schwartz’s negligence and unauthorized trading. In addition, the client suggested that Schwartz excessively traded if not churned his investment account. Also, Schwartz seemingly failed to comply with an investment agreement or his fiduciary responsibility to the client. Apparently, on January 22, 2019, Aegis Capital Corp paid the client $132,500 to resolve the matter.

FINRA Bars Schwartz For Churning Accounts, Making Unauthorized Trades

Evidently, FINRA indefinitely barred Jim Schwartz on April 16, 2019 per a Decision & Order of Offer of Settlement. Notably, Schwartz consented to FINRA’s findings of him churning accounts. The securities regulator indicated that Schwartz’s unsuitable trading had been the reason behind investors suffering an astonishing $660,000 in losses. To add insult to injury, it appears that Schwartz made $194,000 on the transactions. FINRA indicated that Schwartz was deceptive by making unauthorized trades in his clients’ accounts.

Did Jim Schwartz Sell You Bad Investments?

Lars Soreide AVVO 2020 Top Lawyer

Have you experienced losses by investing with securities broker Jim Schwartz? If you have, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a potential recovery of your investment losses. Soreide Law Group provides representation to clients on a contingency fee basis and advances costs. The law firm has recovered millions of dollars for clients who have experienced losses due to misconduct of securities firms and brokers like Schwartz.