Laidlaw Securities Broker Joseph Fedorko Involved In Disputes Over His Trading Practices
The Financial Industry Regulatory Authority (“FINRA”) reports troubling information regarding Laidlaw securities broker Joseph Michael Fedorko Jr. (CRD#: 2007317, Greenwich, Connecticut). Evidently, 18 investors have come forward to dispute Fedorko’s sales practices. These disputes allege various sales practice violations including suitability, misrepresentation, breach of fiduciary duty and excessive trading. Fedorko, who joined Laidlaw & Company in June 2009, denies investors’ allegations against him. Here’s a closer look at what investors have alleged about Laidlaw and him.
Laidlaw Client Alleges Churning In Dispute About Joseph Fedorko
Evidently, a client of Laidlaw contested Joseph Fedorko’s sales practices from 2012 to 2020. Particularly, in this May 2020 FINRA Arbitration Claim, the client indicated that Fedorko churned their account, meaning that he potentially engaged in excessive trading to make commissions. In addition, the securities broker supposedly made unauthorized transactions involving equities and private placements. Finally, the client alleged that he made unsuitable stock trades. For this reason, the client demands $1,700,000 in this ongoing matter.
Fedorko Supposedly Makes Unauthorized Trades in Laidlaw Client’s Account
Next, a client of Laidlaw filed a lawsuit about Joseph Fedorko’s 2012-2017 trades. First of all, Fedorko allegedly engaged in unauthorized trading of stocks and OTC equities. Secondly, the securities broker supposedly made unsuitable trades in the client’s account. Thirdly, it appears that he possibly traded stocks in the Laidlaw client’s account without their knowledge or consent. For this reason, in July 2020, Laidlaw opted to settle the matter by paying this client $125,000.
Laidlaw Client Indicates That Joseph Fedorko May Have Sold Unsuitable Bonds
Additionally, a client of Laidlaw brought a FINRA Arbitration Claim in August 2016 in regard to Joseph Fedorko’s bond sales. Mainly, the client took issue with oil-and-gas bond purchases which seemed to result in losses. Evidently, that client received $23,000 from Laidlaw to resolve the matter.
Fedorko Accused Of Breach Of Fiduciary Duty In Laidlaw Client’s Dispute
In a fourth dispute brought by a Laidlaw client, Joseph Fedorko is accused of breach of fiduciary duty. In the 2012 FINRA Arbitration Claim, the client suggested that Fedorko’s investment activity equated to a breach of fiduciary duty and breach of contract. Moreover, the client alleged negligence by the securities broker. Ultimately, Laidlaw made arrangements to pay the client $120,000 to settle this dispute. It appears that Fedorko contributed $25,000 to the settlement.
Two of the earliest disputes on Fedorko’s record allege failure to supervise, breach of fiduciary duty, and omission of facts. It appears that those investors succeeded in their claims and have obtained compensation.
Did You Experience Losses By Investing Through Fedorko?
FINRA BrokerCheck indicates that Joseph Fedorko denies all allegations of his sales practice violations. Did you lose money because of him? If so, call Soreide Law Group at (888) 760-6552 and speak with a knowledgeable securities lawyer 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 sustained losses because of their financial advisors and securities brokers.