Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows troubling information regarding securities broker John Joseph Stapleton (CRD#: 2791194, Garden City, New York). Namely, five investors brought lawsuits regarding the broker, who has been a Spartan Capital Securities broker since 2015. These disputes suggest that Stapleton made lousy investment recommendations and misrepresentations to clients. Not only that, but NASD pursued a disciplinary action against Stapleton for his allegedly excessive and deceptive trading. Read on to learn more about the allegations against him.
John Stapleton Allegedly Gives Unsuitable Recommendations To Spartan Capital Securities Client
A client of Spartan Capital Securities filed a FINRA Arbitration Claim #: 19-03740 on January 28, 2020. According to the Statement of Claim, Stapleton gave unsuitable recommendations to the client. Not only that, but the securities broker supposedly misrepresented facts in connection with the client’s investments. It is possible that the client acted on bad advice and incorrect information when investing through Stapleton. For this reason, the client seeks $25,445 in compensation from Stapleton or Spartan Capital Securities in this ongoing matter.
Spartan Capital Securities Client Alleges Bad Sales Practices By Stapleton
Apparently, a second Spartan Capital Securities client contested Stapleton’s actions per a FINRA Arbitration Claim #: 19-03267. Mainly, the client alleged in this November 19, 2019 lawsuit that Stapleton was involved in equities trades which resulted in $500,000 in damages to the client. Evidently, this matter is pending a resolution.
John Stapleton Purportedly Sold Unsuitable Securities
Evidently, a client of Spartan Capital Securities took aim at Stapleton through FINRA Arbitration #: 16-03645 dated January 3, 2017. The Statement of Claim alleges that Stapleton invested the client in unsuitable Groupon (OTC: GRPN) common stock. It seems that an unreasonably large portion of the client’s account was concentrated in GRPN. Supposedly, Stapleton breached a fiduciary duty, failing to place the client’s interests first. The securities broker also purportedly breached a contract and was negligent, the Statement of Claim shows. Evidently, the FINRA Arbitrator decided in favor of the client and required Stapleton to pay $20,000 in compensation to the client per an August 9, 2017 Award.
JHS Capital Advisors Client Suggests That Stapleton Made Unauthorized Transactions
Notably, prior investor claims include one from 2012 in which a JHS Capital Advisors client sued about Stapleton’s equities sales. Apparently, Stapleton falsified information or otherwise misled the client. Secondly, the client indicated that Stapleton engaged in unauthorized trading. And like the other clients, this client contended that Stapleton sold or recommended unsuitable investments. For this reason, in 2013, JHS Capital Advisors settled this matter though making a $250,000 payment to the client.
Did John Stapleton Cause You To Experience Losses?
Have you experienced losses by investing with John Stapleton? 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 misconduct of securities firms and brokers like Stapleton.