The Financial Industry Regulatory Authority (FINRA) BrokerCheck contains important disclosures concerning securities broker Lynn Cooper Faust aka Donna Lynn Cooper (CRD#: 729012, Greenville, South Carolina). Specifically, Faust received FINRA sanctions over her alleged unsuitable trading of UITs in Raymond James client accounts. Not only that but Raymond James and PaineWebber clients filed disputes about her sales practices. Here’s a quick summary of those disclosures.
Evidently, the regulator issued sanctions to Lynn Faust in February 2022 to resolve allegations that she made unsuitable recommendations to Raymond James clients regarding UITs. Supposedly, the securities broker recommended short-term rollover transactions. In some cases, Faust would advise clients to sell UITs to buy into newer versions (series) of the same UITs. She served the suspension from March-June 2022 and paid the fine.
Specifically, a client of Raymond James & Associates expressed concerns in January 2019 about Lynn Faust’s sales practices, according to a dispute listed on BrokerCheck. The investor’s dispute against the securities firm alleges misrepresentation of UITs. Consequently, the client alleges that Faust’s actions led to damages in connection with the client’s UIT holdings from 2012 to 2018. It appears that Raymond James & Associates opted to resolve this matter by paying the client $81,895 in damages, according to a settlement in September 2019. Faust denies the allegations.
Also, it seems that a Raymond James & Associates client disputed Lynn Faust’s actions, according to a dispute in November 2018. The client contends that Faust’s misrepresentations produced damages in relation to the client’s investments in market linked notes (exchange traded notes). Because of this, the client states that the securities firm should pay $59,000 in damages to resolve the client’s allegations. This matter awaits a resolution.
Particularly, a PaineWebber Inc. filed a dispute about the securities broker. It appears that the securities firm misrepresented information, including the returns that the investor would receive. Also, the Statement of Claim alleges unsuitability. Consequently, the client obtained an award of $8,000 in compensatory damages. Faust did not contribute to any settlement or award payment.
Did Lynn Faust cause you to experience losses? You should get in touch with Soreide Law Group at (888) 760-6552 to speak with a securities attorney about a potential recovery of your losses. Soreide Law Group represents investor clients on a contingency fee basis and advances costs. The firm has recovered compensation for many investors in the US who incurred losses because of their securities brokers and financial advisors. Please note that Faust denies all accusations of sales practice violations.
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