Soreide Law Group is reviewing investor claims against CUSO Financial Services securities broker Gerald Thomas “JT” Coyne (CRD#: 4589061, Harrisburg, Pennsylvania). Namely, the Financial Industry Regulatory Authority (“FINRA”) barred Coyne as a securities broker on December 10, 2019. It appears that Coyne stonewalled the financial watchdog’s investigation about his investment recommendations. Not only that, but a client lodged a dispute about Coyne’s sales practices. Here’s more.
FINRA Bars JT Coyne For Refusing To Testify
Apparently, on December 10, 2019, FINRA permanently barred JT Coyne as a securities broker for violating FINRA Rule 8210. Significantly, FINRA Rule 8210 gives the financial industry watchdog the power to instruct securities brokers to testify when they are under investigation. It seems that FINRA began investigating Coyne’s client service issues and violations of company policy, which CUSO reported to FINRA upon disaffiliating with the broker.
It appears that one or more clients rolled over their state retirement accounts into annuities per Coyne’s advice. To this effect, FINRA investigated if JT Coyne misrepresented and omitted variable annuity information. FINRA also began looking into whether the securities broker made unsuitable recommendations. But Coyne refused to testify for FINRA, stonewalling the investigation.
CUSO Client Indicates Coyne Misrepresented Annuities
Evidently, a client of Coyne’s at CUSO Financial Services brought a dispute about him on February 27, 2019. Namely, the client suggested that Coyne misrepresented features and the returns on variable annuities. Apparently, Coyne sold these annuities from 2013 to 2017. It seems that his client faced market losses and heft surrender charges by purchasing these products. For this reason, on June 3, 2020, CUSO Financial opted to pay the client $181,000 to resolve the matter.
Losses From Securities Broker JT Coyne?
Have you experienced losses by investing through securities broker JT Coyne? 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 misconduct of securities brokers like Coyne and their employing brokerage firms.