Soreide Law Group is investigating potential investor claims against securities broker John Tarpinian [CRD#: 1013555, New York, New York]. Notably, Financial Industry Regulatory Authority (“FINRA”) BrokerCheck shows that 12 clients contested securities recommendations or sales made by Tarpinian, who associated with Newport Coast Securities (“Newport”) through 2016 and Paulson Investment Company (“Paulson”) from 2015 to 2018. Apparently, clients of Newport and Paulson suggest that Tarpinian executed unreasonable trades, breached a fiduciary duty and caused their losses. What’s more, Tarpinian’s sales may have been negligently supervised. Here’s more:
Client Indicates John Tarpinian Engaged In Deceptive Scheme
Evidently, on October 23, 2019, a Newport and Paulson client filed FINRA Arbitration #: 19-03162 concerning John Tarpinian. First of all, the securities broker allegedly engaged in deceptive activities and dishonored an investment agreement. The client contended that Tarpinian sold inappropriate investments which included corporate bonds or notes between 2013 and 2019. Also, Newport and Paulson supposedly did not supervise Tarpinian. As a result, the client experienced losses and now seeks compensatory relief. This investor dispute is pending a resolution.
Tarpinian Allegedly Breaches Fiduciary Duty
Apparently, a second client of Newport and Paulson contested John Tarpinian’s sales practices by filing FINRA Arbitration #: 19-01165 on May 6, 2019. Allegedly, Tarpinian failed to place the client’s interests first, in turn breaching a fiduciary duty. It appears that he deceived the client and breached a contract too. Allegedly, corporate bonds which Tarpinian sold or recommended had caused the client to sustain losses. Therefore, the client demanded $200,000 in this ongoing matter.
Newport and Paulson Allegedly Fail To Supervise Tarpinian’s Actions
Evidently, on April 30, 2019, a Newport and Paulson client filed FINRA Arbitration #: 19-01009 concerning John Tarpinian. Mainly, the client asserted that there was negligent supervision of Tarpinian from August 2015 to May 2019. It appears that Tarpinian was deceptive and made inappropriate trades for this client similarly to other clients who filed claims. Apparently, this arbitration is pending a resolution.
John Tarpinian Allegedly Gives Bad Advice
Apparently, a client of Paulson and Newport contested John Tarpinian’s securities recommendations or sales through bringing a complaint dated May 29, 2018. Allegedly, the broker recommended unreasonable bond trades. It is possible that Tarpinian failed to consider the client’s investment circumstances or the client’s risk tolerance. As a result, Paulson and Newport agreed to resolve the matter on October 2, 2018 by paying the client a total of $17,327.39.
SEC Sanctions Tarpinian For Concealing Information, Charging Undisclosed Mark-Ups
Moreover, on January 17, 2018, Securities and Exchange Commission (“SEC”) issued Order #: 3-18337 sanctioning John Tarpinian for violating Section 206(3) of the Advisers Act. Specifically, SEC ordered him to cease and desist violating Advisers Act. Also, the Commission assessed a $25,000 fine and ordered Tarpinian to disgorge $50,000 in unlawful gains.
Notably, SEC contended that Tarpinian concealed facts from clients when making thousands of trades involving municipal debt, structured products and equities. It appears that clients did not know that Tarpinian was acting as principal on trades he made from Newport’s trading account to clients’ advisory accounts. The broker also allegedly traded without disclosing mark-ups or mark-downs to his clients. SEC indicated that Tarpinian did not get consent from his clients to make trades.
Losses From John Tarpinian?
Have you experienced losses by investing with John Tarpinian? 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 brokerage firms and securities brokers such as Tarpinian.