Investors, Regulators File Lawsuits Regarding Securities Broker Jonah Engler
The Financial Industry Regulatory Authority (“FINRA”) confirms through BrokerCheck that 16 investors challenged the sales practices of securities broker Jonah Engler (CRD#: 4216259, New York, New York). Evidently, these investor disputes contain allegations of Engler making unsuitable and unauthorized trades in client accounts. Moreover, BrokerCheck shows that securities regulators including SEC and FINRA have targeted Engler. Here’s what you should know about the securities broker.
Client Awarded Compensation After Jonah Engler Found Liable For Causing Losses
First of all, a FINRA Arbitrator rendered an Arbitration Award on September 9, 2020. This Award confirms that Jonah Engler is liable for causing the client’s losses on investments including Cliffs Natural Resources, Momentive Performance Materials, Caesar’s Entertainment Operating Co., Renesola Ltd., and Global Geophysical Services Inc. Specifically, The Statement of Claim contains allegations of unsuitability, elder abuse, misrepresentation, unsuitability, and failure to supervise. Notably, the Arbitrator required Engler to pay the client $50,000 in compensatory damages.
Past disputes about Engler allege negligence, breach of contract, misrepresentation and other sales practice violations.
SEC Charges Engler With Unauthorized Trading Scheme
Evidently, Securities and Exchange Commission (SEC) filed a Complaint against Jonah Engler in March 2020 regarding his actions when at the helm of Global Arena Capital Corporation. SEC alleges that Engler made unauthorized trades in 360 client accounts. The transactions purportedly caused him and other defendants to collectively generate $2,400,000. Supposedly, he charged unlawful commissions, markups and markdowns to clients to accomplish this. It appears that investors lost at least $4,000,000. Engler purportedly tried to conceal the unauthorized trading scheme through various means. The Complaint alleges that he and his companies made more than $1,100,000. This matter is still ongoing.
FINRA Bars Jonah Engler
Also, BrokerCheck shows that FINRA barred Jonah Engler for misrepresenting notes which a company issued to investors through a private placement offering. FINRA claimed that Engler violated securities laws through misrepresenting information about the notes. This included representations about the notes being collateralized and how the collateral was sufficient for making an investment in the notes. FINRA also contended that Engler did not carry out due diligence responsibilities and had made unsuitable recommendations to clients.
Losses From Engler?
Jonah Engler denies allegations of his sales practice violations. Have you experienced losses by investing with this securities broker? 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 securities brokers and financial advisors.