Investors File Disputes About Credit Suisse Brokers Lily Pirouzian, Michael Brewster

Credit Suisse Securities (USA) LLC (CRD#: 816) is an investment adviser firm regulated by the Securities and Exchange Commission (“SEC”) and brokerage firm regulated by the Financial industry Regulatory Authority (“FINRA”). Evidently, to date, the firm reports 272 instances in which securities regulators have brought disciplinary actions against the firm for violating securities laws or industry rules. Additionally, the firm discloses 9 instances in which the firm was ordered to pay compensation to customers for sales practice violations including breach of fiduciary duty and misrepresentation. But that’s not all. A number of Credit Suisse Securities (USA) LLC brokers have made disclosures regarding customers’ allegations of their misconduct in pending and settled claims. For example, take a look at disclosures of brokers Lily Pirouzian and Michael Brewster:

January 26, 2017 Customer Claim About Lily Pirouzian’s Unsuitable, Unauthorized Trading

Lily Pirouzian (CRD#: 5119248, New York, New York) is a past general securities representative of Credit Suisse Securities (USA) LLC. The firm reported that on January 26, 2017, the power of attorney for a customer of Credit Suisse Securities (USA) LLC brought FINRA Arbitration #17-00205. Mainly, Lily Pirouzian allegedly made trades in the customer’s investment account without having the customer’s authorization. Additionally, the customer claimed that it was not suitable for the customer to be investing in corporate debt investments from August 2014 to December 2016.
Further, the power of attorney claimed there were margin calls which took place from June 2012 to December 2015. As a  result, Credit Suisse Securities (USA) LLC opted to pay the customer $250,000.00 to settle the allegations of Lily Pirouzian’s unauthorized and unsuitable trading. Accordingly, this matter closed March 5, 2018. Credit Suisse Securities (USA) LLC disaffiliated with Lily Pirouzian on May 12, 2016. Now she works for HSBC Securities (USA) Inc. (New York, New York).

December 23, 2016 Complaint Alleging Michael Brewster’s Unauthorized Trading, Churning

Michael John Brewster (CRD#: 2294956, New York, New York) is a prior Credit Suisse Securities (USA) LLC general securities representative. Apparently, Michael Brewster worked at the firm’s New York, New York offices from September 16, 2008 to April 6, 2016. While working for the firm, Michael Brewster apparently serviced the account of a customer who eventually complained about his sales practices. Notably, in the December 23, 2016 complaint, the customer contended that Michael Brewster violated fiduciary duties in handling the customer’s trades.
First, the customer claimed that Michael Brewster made unsuitable trades involving master limited partnerships (MLPs) and energy-sector securities. Secondly, Michael Brewster allegedly churned the customer’s investments. Third, the customer claimed that Michael Brewster made commodities trades that the customer did not authorize. Given these allegations of unsuitability, churning and unauthorized trading, the customer demanded compensation. Accordingly, Credit Suisse Securities (USA) LLC acquiesced to paying the customer $75,000.00. However, the firm did not admit liability in settling this matter on December 15, 2017.

Have you experienced losses by purchasing products from Credit Suisse Securities (USA) brokers Lily Pirouzian and Michael Brewster? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advance all costs. The firm has recovered millions of dollars for investors who have suffered losses due to misconduct of brokers and brokerage firms.