Financial Industry Regulatory Authority (“FINRA”) shows new information on BrokerCheck regarding securities broker Joshua Nathan Helmle (CRD#: 2195760, Monterey Park, California). Specifically, a client filed a dispute alleging sales practice violations. This comes after Integrity Brokerage LLC permitted Helmle to resign and after FINRA indefinitely barred Helmle as a securities broker. Read on for a quick recap of these disclosures.
Evidently, in December 2021, a client sent a complaint to Integrity Brokerage Services regarding Joshua Helmle. As the owner and CCO, Helmle was named as a respondent. Mainly, the client alleges elder abuse, inaccurate references to investments including Preferred Apartment Communities and Moody REIT II, and false information regarding the client. For this reason, the client asked for $489,862 in compensation in this ongoing matter.
It appears that FINRA, who oversees most securities brokers in the United States, indefinitely barred Joshua Helmle in September 2021 to resolve allegations of him enabling someone to associate with the firm against FINRA’s rules. Supposedly, Helmle did not consider FINRA’s warnings regarding a particular broker being prohibited from having an association with the firm. In addition, FINRA says that clients received letters indicating that this person would not be their broker, but that person would instead discuss the stock market and provide investment ideas. FINRA says that Helmle violated FINRA rules by allowing the person to associate with the firm.
It appears that Joshua Helmle worked for Integrity Brokerage LLC from February 2002 to December 2020. Notably, the firm permitted Helmle to resign following an investigation into his supervisory responsibilities. More specifically, the firm investigated a "potential breach of firm procedures" and "unauthorized representation" concerning disciplinary or enforcement proceedings.
Evidently, a client of Integrity Brokerage Services took issue with Joshua Helmle. Namely, this civil action alleges failure to supervise. It appears that the client sustained losses of $80,000 on OTC equity trades. For this reason, Integrity Brokerage Services opted to settle with the client by making a $22,500 payment.
Did you suffer losses because of securities broker Joshua Helmle? If so, call Soreide Law Group at (888) 760-6552 and speak with a helpful securities lawyer about a potential recovery of your losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered substantial compensation for hundreds of United States investors who have incurred losses from their financial advisors and securities brokers. Please note that Helmle denies all allegations against him.
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