Soreide Law Group is reviewing possible investor claims in regard to Liberty Partners Financial Services LLC (“Liberty Partners”) securities broker John Francis Davenport (CRD#: 1448999, Norwalk, Connecticut). Davenport joined Liberty Partners on October 21, 2016 and works in its Norwalk, Connecticut offices. It appears that in 2019, the Financial Industry Regulatory Authority (“FINRA”) sanctioned him. Not only that, but a client of Davenport’s suggested that he made unsuitable recommendations and misrepresented investments. Here’s more about the broker’s troubles in the securities industry:
Liberty Partners Client Indicates That John Davenport Recommended Unsuitable Securities
Evidently, a client of Liberty Partners filed FINRA Arbitration #: 19-02068 on July 26, 2019. First of all, the client alleged that John Davenport violated Rules 2110 and 2111. Mainly, the client alleged that Davenport did not perform a reasonable amount of due diligence prior to proposing and selling a variable annuity. It appears that the securities broker did not have a reasonable basis to recommend this annuity considering the client’s situation. Secondly, Davenport allegedly misrepresented and omitted facts which caused the client to purchase the annuity. Thirdly, the client claimed that the Liberty Partners broker breached a fiduciary duty to the client. For this reason, the client demanded compensation in this ongoing matter.
FINRA Issues Davenport 2-Month Suspension, $20,000 Fine
Earlier in 2019, FINRA took action against John Davenport for violating FINRA rules. Allegedly, Davenport shared $50,000 in commissions with another broker in connection with certain variable annuity transactions. The brokers were supposed to notify their firms about these transactions but did not. Also, FINRA says that Davenport allowed his assistant to use an e-mail address that was not approved by the firm to discuss business matters. For this reason, FINRA suspended Davenport from February 19, 2019 to April 18, 2019 and fined him $20,000.
Prime Capital Services and Royal Alliance Clients File Disputes About John Davenport
In 2012, a client of Prime Capital Services and Royal Alliance made a complaint about John Davenport. The client alleged that Davenport’s advice regarding a variable annuity was unreasonable and unsuitable. This bad advice supposedly caused the client to experience losses, but these firms denied the client’s claim.
Before that, a client of Prime Capital Services contested John Davenport’s sales practices in Civil Litigation Docket #: X05-CV-04-0198525-S. Allegedly, Davenport did not tell his clients that their monetary investment in a charitable remainder trust could not be withdrawn in full. It appears that Prime Capital Services settled this matter in 2008 through paying the client $50,000.
Davenport Cause Your Losses?
Have you experienced losses by investing with John Davenport? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about 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 suffered losses due to misconduct of brokers and brokerage firms.