ave you lost money by investing with RAYMOND JAMES broker LOGAN PHILLIPS JR?
Soreide Law Group is investigating possible investor claims against Raymond James securities broker Logan Phillips Jr. (CRD#: 1248589, Jackson, Mississippi). Investors should take caution if investing with Phillips because he has been found liable for fraud and other serious sales practice infractions. Here is a summary of claims involving allegations against Phillips:
November 8, 2017 Civil Suit Involving Logan Phillips’ Alleged Failure To supervise
A customer of Raymond James brought a lawsuit #17-4610 on November 8, 2017 regarding Phillips. This claim, filed in Hinds County, MS State Court, concerns problematic investment transactions between July 2004 and October 2017. Allegedly, Phillips failed to supervise a stockbroker who defrauded customers. Supposedly, the broker made false representations to customer about penny stock and variable annuity investments. Secondly, the stockbroker failed to abide by an investment agreement, and placed the customer in harm’s way through negligent sales practices. Also, the customer claimed that the stockbroker violated provisions of the Mississippi Securities Act and Blue Sky Laws. Because of this, the customer seeks compensatory damages.
Arbitrators Find Phillips Responsible For Fraudulent Energy Stock Sales
Approximately twenty customers of Morgan Keegan & Company, LLC and Raymond James collectively filed FINRA Arbitration #17-01630. Notably, a panel of FINRA Arbitrators found Phillips liable on a host of sales practice violations and legal infractions. Particularly, the Arbitration Panel found Phillips responsible for engaging in a scheme to defraud investors. Apparently, the fraud concerned investors’ purchases of CanWest Petroleum Company and Ridgeway Petroleum, Inc. stocks. Not surprisingly, the Arbitration Panel found that Phillips’ energy-sector penny stock sales were unsuitable and negligent in light of the customer’s investment objectives. Additionally, the customers prevailed on their claims of Phillips violating the rules and regulations of the securities industry and breaching an investment related contract. Because of this, the Panel required Phillips to pay customers a sum of $1,790,000.00, $200,000.00 of which constituted punitive damages.
May 19, 2016 Arbitration Concerning Logan Phillips’ Supervisory Failures
Raymond James and Morgan Keegan customers brought FINRA Arbitration #16-01383 on August 17, 2017. Mainly, the customers alleged that Phillips failed to supervise his broker’s activities from 2004 through 2016. Supposedly, one of the brokers Phillips supervised sold the customers a variable annuity that was unsuitable. Because of this, the customers incurred losses that they sought to recoup through filing the claim. All things considered, Raymond James or Morgan Keegan paid the customers a total of $330,500.00 to settle the allegations of Phillips’ failure to supervise.
Logan Phillips Found Liable For Failure To Supervise In June 24, 2014 Arbitration
A number of Raymond James and Morgan Keegan customers came together in filing FINRA Arbitration #14-02056. Evidently, the customers claimed that an advisor who Phillips supervised schemed to defraud investors, breached fiduciary responsibilities. Also, the customers claimed Phillips’ failed to safeguard the customer’s assets held in investment accounts while violating securities laws on a state and federal level. Furthermore, customers argued that Phillips, in his capacity of as Morgan Keegan branch manager, authorized or otherwise caused the advisor’s fraudulent actions. Because of this, FINRA’s Arbitration Panel compelled Phillips to pay a sum of $762,000.00 to aggrieved customers
Phillips, who worked at Morgan Keegan from 1990 – 2013, and Raymond James from 2013 to 2016, reports nine customer disputes on his FINRA BrokerCheck Report. Experienced losses from prior Raymond James broker Logan Burch Phillips Jr. or another broker who sold you unsuitable securities? If so, contact Soreide Law Group at (888) 760-6552 and speak with our qualified counsel about a possible recovery of your losses. Soreide Law Group represents clients nationwide and only charges a fee upon recovery of losses.