Barred Broker Joseph Thurnherr Possibly Breached Fiduciary Duty

Soreide Law Group is reviewing possible investor claims of sales practice violations by Joseph Thurnherr (CRD#: 5045624, Red Bank, New Jersey). Notably, FINRA barred Thurnherr for refusing to supply information while under investigation for client complaints. Not only that, but 7 of Thurnherr’s investor clients filed disputes about him. Namely, these disputes allege that Thurnherr sold misrepresented and unsuitable investments. Let’s take a closer look at the allegations against Thurnherr.

FINRA Bars Joseph Thurnherr For Failure To Comply In Investigation

Namely, on February 25, 2020, FINRA barred Joseph Thurnherr from acting as a broker because he refused to comply with a FINRA investigation. Apparently, Thurnherr violated Rules 8210 and 2010. Notably, Rule 8210 allows FINRA to require that securities brokers provide information when under investigation. Apparently, FINRA asked Thurnherr to produce information about his interactions with a client who appears to have complained about him. However, Thurnherr chose not to cooperate with FINRA’s request. Now he is not allowed to have an association with a FINRA member in any and all capacities.

National Securities Corp Client Indicates That Thurnherr Breached Fiduciary Duty

Evidently, a client of National Securities Corp brought a FINRA Arbitration Action against Joseph Thurnherr on February 25, 2019. Supposedly, Thurnherr failed to comply with his fiduciary responsibility to the client by placing his interests ahead of the client’s interests. Secondly, the securities broker allegedly sold the client unreasonable investments. It appears that Thurnherr failed to consider the client’s risk tolerance, investment objectives, or other suitability criteria. Moreover, the client suggested that the securities broker misrepresented information in connection with equity trades. Evidently, National Securities Corp settled this matter through making a $50,000 payment to the client on or around October 16, 2019.

Joseph Thurnherr Allegedly Churns Client’s Account

Apparently, a client of Meyers Associates LP contested Joseph Thurnherr’s actions in an April 17, 2017 FINRA Arbitration Action. It appears that Thurnherr was churning the client’s account. This meant that Thurnherr was allegedly trading just to generate commissions or fees from the client. Also, the client indicated that Thurnherr made unsuitable and unauthorized trades, sometimes using margin. For this reason, the client demanded $383,000 in compensation to resolve this matter.

First Standard Financial Client Indicates That Thurnherr Made Unsuitable Stock Trades

Notably, a First Standard Financial Company client took aim at Joseph Thurnherr in a FINRA Arbitration Claim on June 23, 2016. Significantly, like the clients of the other firms had alleged, this client contended that Thurnherr’s trading was not reasonable or suitable. It seems that Thurnherr over concentrated the client in OTC equities and other listed equities. Because of this, First Standard Financial Company opted to resolve the matter through a $14,249 payment to the client on July 25, 2017.

Did Securities Broker Joseph Thurnherr Sell You Bad Investments?

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Have you experienced losses by investing with Joseph Thurnherr? 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 financial advisors and securities brokers like Joe Thurnherr.