Coastal Equities Inc. Terminates Robert Mehlin

Soreide Law Group is investigating possible investor claims against securities broker Robert Mehlin (also known as Robert Charles Mehlin Jr.) (CRD:  736694, Fairfield, NJ). Evidently, Coastal Equities Inc. terminated the securities broker for cause following FINRA sanctions. Here is a brief summary of the disclosures concerning this securities broker.

Coastal Equities Inc. Disaffiliates With Robert Mehlin For Failure To Disclosure Regulatory Action

Notably, on August 4, 2022, Coastal Equities Inc. disaffiliated with Mehlin. Evidently, Coastal Equities Inc. alleged that Mehlin failed to disclose a regulatory enforcement action.

FINRA Issues Sanctions To Mehlin For Unauthorized Trading

Also, on August 3, 2022, FINRA issued Case: 2019061691601 sanctioning Robert Mehlin for infractions. Specifically, Mehlin received a three-month suspension as a securities broker and a fine of $7,500. Notably, FINRA claims that Mehlin engaged in unauthorized trading.

Mainly, FINRA indicates that from August 2015 to February 2019, during the time that he was associated with Wells Fargo, Mehlin exercised discretion without receiving prior written authorization. Specifically, Mehlin executed over 250 trades across client accounts without receiving same-day authorization. While the clients approved the transaction, they did not give prior written consent as required by Wells Fargo. Mehlin also falsely stated in a compliance questionnaire that he did not exercise discretion in client accounts. As a result, Mehlin violated FINRA Rules 2010 and 4511.

Wells Fargo Advisors Financial Network LLC Disaffiliates With Robert Mehlin For Unauthorized Trading

Evidently, Wells Fargo Advisors Financial Network LLC disaffiliated with Mehlin on February 6, 2019. Allegedly, Mehlin engaged in unauthorized trading.

Citigroup Global Markets Inc. Investor Accuses Mehlin Of Unsuitable Recommendations

Notably, a Citigroup Global Markets Inc. client filed FINRA Arbitration: 12-00001 about Robert Mehlin. Namely, the client alleged that Mehlin made unsuitable recommendations. Because of this, the client allegedly sustained damages by investing in stocks and closed-end funds. Therefore, on January 16, 2013, Citigroup Global Markets Inc. settled this matter by paying the client $975,000 in damages.

Robert Mehlin Discloses Unsuitable Recommendations Allegations By Citigroup Global Markets Inc. Client

Additionally, a client of Citigroup Global Markets Inc. contested Robert Mehlin’s sales practices, according to a complaint dated February 6, 2009. Allegedly, Mehlin made unsuitable recommendations and engaged in unauthorized trading. Supposedly, Mehlin caused the client to sustain damages by investing in stocks. Therefore, the client sought compensatory relief from Citigroup Global Markets Inc. or Mehlin. However, this complaint is denied.

Gibraltar Securities Investor Accuses Mehlin Of Unsuitable Recommendations

Moreover, on August 9, 2002, a Gibraltar Securities client filed a complaint about Robert Mehlin. Namely, the client alleged that Mehlin made unsuitable recommendations. Because of this, the client allegedly sustained damages by investing in limited partnerships. Therefore, the client requested $12,609 in compensation from Gibraltar Securities or Mehlin. Evidently, this complaint is pending a resolution.

Robert Mehlin Employment Information

• Mehlin worked for Wells Fargo Advisors Financial Network LLC in Chatham, NJ, as a securities broker from July of 2015 to February of 2019.
• Mehlin worked for Coastal Equities Inc. in Fairfield, NJ, as a securities broker from February of 2019 to August of 2022.

Damages Resulting From Coastal Equities Inc. Securities Broker Mehlin?

Did you experience damages because of Robert Mehlin? If so, contact Soreide Law Group at (888) 760-6552 and speak with a securities attorney about a possible recovery of your investment losses. Soreide Law Group, who has effectively recovered money for hundreds of investors in the United States, can review your situation and explain your legal options. Also, the firm represents clients on a contingency fee basis and advances all costs. Mehlin and brokerage firms Mehlin worked for deny any and all allegations of sales practice violations.