According to FINRA’s BrokerCheck, in May of 2017 there were allegations brought against, PHILIP JAY PATLIS (CRD#: 1256755), a broker who is currently with SHEARSON FINANCIAL SERVICES, LLC, of Boca Raton, Florida. The Claimant alleged that his accounts were over-concentrated in collateralized mortgage obligations (CMOs) from September of 2015 through November of 2016. The Claimant also alleged that these securities were not suitable for him. The settlement amount was $37,500. Patlis commented on these allegations in part saying, “We strongly disagree with the claimant's assertions, and settled the case to eliminate the probability of an extended and protracted legal confrontation and rapidly rising legal costs.”
Also on Patlis’ BrokerCheck report, there is a Regulatory disclosure from September 6, 2016. According to the Letter of Acceptance, Waiver, and Consent (AWC), between December 10, 2013 and August 25, 2015, seventy-two order tickets had allegedly been mismarked by PHILIP JAY PATLIS in the investment accounts of twenty-two customers. Allegedly, these order tickets had been marked as unsolicited; however, the trades were allegedly solicited. FINRA found that Patlis’ alleged mismarking of order tickets caused SHEARSON FINANCIAL SERVICES to maintain records and books that were inaccurate. Consequently, FINRA found that Patlis was in violation of FINRA Rules 2010 and 4511(a). Patlis consented to the suspension from associating with any FINRA member in any capacity for one month and a $5,000 fine.
According to FINRA’s BrokerCheck, which is available to the public on FINRA’s website, PHILIP JAY PATLIS, has been in the securities industry for 34 years and was listed with 6 firms, the most current listed below since 8/19/2004:
SHEARSON FINANCIAL SERVICES, LLC
7000 W. PALMETTO PARK RD SUITE 306
BOCA RATON, FL 33433
If you feel you’ve experienced financial losses due to the actions or recommendations of Boca Raton, Florida, broker PHILIP JAY PATLIS, currently with SHEARSON FINANCIAL SERVICES, contact the conveniently located Pompano Beach, Florida-based Soreide Law Group and speak to an experienced securities lawyer regarding the possible recovery of your investment losses through a FINRA arbitration at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis—no fee to you if no recovery.
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