SHAWN BURNS Allegedly Made Unauthorized Trades

Salomon Whitney Clients Bring Lawsuits Regarding Broker Shawn Burns' Trading Practices

Investor Alert! The Financial Industry Regulatory Authority (“FINRA”) reports alarming information in regard to securities broker Shawn Evan Burns [CRD#: 3138114, Farmingdale, New York]. Namely, at least 24 clients have complained about the securities broker, who worked for Salomon Whitney Financial between 2014 and 2016. In sum, these disclosures suggest that Burns made unauthorized and unsuitable trades and that he was responsible for his client’s losses. Read on to learn more about the allegations against Burns.

Salomon Whitney Financial Client Indicates Shawn Burns Was Negligent

Apparently, on September 20, 2018, a Salomon Whitney Financial client filed FINRA Arbitration Claim #: 18-03247 about Shawn Burns. Supposedly, Burns excessively traded securities and had recommended an unsuitable investment strategy. Also, Burns was allegedly negligent with respect to his recommendations or transactions. Finally, the client contended that Burns committed a breach of contract. For this reason, on January 27, 2020, Salomon Whitney Financial paid the client $25,000 to settle the matter.

Burns Allegedly Excessively Traded In Salomon Whitney Client’s Account

Evidently, a second client of Salomon Whitney Financial contested Shawn Burns in FINRA Arbitration Claim #: 19-02712. Allegedly, Burns made unauthorized stock trades in the client’s account. Also, he purportedly executed excessive trades which was not suitable for the client. Apparently, Burns’ trading caused the client to experience losses. As a result, Salomon Whitney Financial agreed to resolve the matter on November 7, 2019 through paying the client $12,000.

Shawn Burns Allegedly Churned Salomon Whitney Client’s Account

In addition, a client of Salomon Whitney Financial contested Shawn Burns’ actions according to FINRA Arbitration Claim #: 18-01055 which the client filed on April 3, 2018. Allegedly, Burns churned the client’s account. It appears that he traded primarily to maximize commissions or fees from the client. Also, Burns seemingly made unsuitable trades, failing to consider the client's goals, risk tolerance or other suitability factors. Furthermore, Burns purportedly traded stocks without the client’s permission and had breached a contract. As a result, the client asked for $156,557 in compensation from Salomon Whitney Financial or Burns in this ongoing matter.

FINRA Bars Burns

Evidently, FINRA barred Shawn Burns for ignoring its requests. Allegedly, Burns did not respond to FINRA's request for information in 2017 which led to a suspension. That suspension turned into an automatic bar by August 28, 2017. Apparently, FINRA’s bar precludes Burns from holding a securities broker job with any FINRA member firm. Notably, FINRA’s request for information came after Burns disclosed a myriad of client complaints and after Salomon Whitney disaffiliated with him for same.

Losses From Broker Shawn Burns?

Have you experienced losses by investing with Shawn Burns? If so, reach out to Soreide Law Group at (888) 760-6552 and speak with experienced counsel concerning a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The law firm has recovered millions of dollars for clients who have incurred losses due to misconduct of securities brokers like Burns and their employers.