Broker John Orlando Allegedly Churned Investor Accounts And Recommended Unsuitable Securities
Investor Alert! Soreide Law Group recently came across the FINRA BrokerCheck profile of securities broker John Anthony Orlando (CRD#: 2002197, Lighthouse Point, Florida) which shows that five investors disputed his sales practices. Evidently, the securities broker worked for Sterne Agee Financial Services (2009 – 2015), Newport Coast Securities (2015 – 2016), WestPark Capital (2016 – 2019) and SW Financial (2019 – Present). Let’s take a closer look at these disclosures and what you could do if you experienced losses because of him.
WestPark Client Indicates That John Orlando Sold Bad Private Placements
Evidently, a client of WestPark Capital brought a lawsuit about John Orlando in July 2020. Mainly, the client alleged that Orlando breached a fiduciary duty and was negligent with a pre-IPO private placement transaction. It seems that Orlando had the client invest in Horizon Fund in August 2016 and March 2017 to have access to pre-IPO shares in Palintir and Uber. For this reason, the client demanded $338,500. This matter is ongoing.
Notably, John Orlando’s BrokerCheck report shows that a client brought a FINRA Arbitration Claim about him in June 2020. First of all, the client alleged that Orlando made excessive trades. Supposedly, the broker churned the client’s account. Secondly, Orlando purportedly made unsuitable investment recommendations and used margin unreasonably. Because of this, the client asked for $1,000,000 between punitive and compensatory damages. This matter awaits a resolution.
SA Stone Client Indicates John Orlando Made Bad Recommendations
Moreover, a SA Stone Wealth Management client targeted John Orlando in a March 2020 FINRA Arbitration Claim. Allegedly, Orlando’s investment advice led the client to maintain concentrated positions in stock. It seems that the securities broker may have overlooked the client’s risk tolerance, investment objectives, or another aspect bearing on the suitability of the transactions. Because of this, the client demanded $30,400 in damages in this pending matter.
Client Awarded Compensation In Claim About Orlando
Further, a client of Sterne Agee Financial Services brought a lawsuit about John Orlando in 2017. The FINRA Arbitration Claim contains allegations of the broker concentrating the client’s assets in oil and gas securities. This seems to have included penny stocks and corporate bonds. The broker seemingly caused the client to experience losses. Because of this, the client received an Award of $85,001 in April 2018.
Did You Experience Losses By Investing Through Orlando?
Have you experienced losses because of Orlando? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced lawyers about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for investors who have suffered losses due to the misconduct of financial advisors and securities brokers. FINRA BrokerCheck indicates that Orlando denies all allegations of his sales practice violations.