SHAWN BURNS Churn Your Accounts?

SHAWN BURNS Losses?

Soreide Law Group is reviewing possible investor claims against Salomon Whitney Financial securities broker Shawn Burns (CRD#: 3138114, Farmingdale, New York). Evidently, Burns’ Financial Industry Regulatory Authority (“FINRA”) BrokerCheck Report contains thirty-two disclosures regarding regulatory actions and client disputes. The broker, who FINRA barred August 28, 2017 for failing to respond to a Request for Information, faces allegations of sales practice violations from a number of Salomon Whitney Financial clients. Here’s what clients had to say about Burns:

Salomon Whitney Client Brings Arbitration Claim Suggesting Shawn Burns Gave Poor Advice

 
Apparently, on September 18, 2018, a Salomon Whitney Financial client filed FINRA Arbitration #: 18-03247 regarding Shawn Burns’ sales practices. First of all, the client alleged that Burns excessively traded equity investments. Secondly, Burns supposedly used an investment strategy which was not reasonable for the client’s situation. Thirdly, the client claimed that Burns’ negligence caused the client to incur losses. Finally, Burns allegedly failed to comply with the client’s investment agreement. For this reason, the client alleged $100,000 in damages in this ongoing matter.

April 3, 2018 Arbitration Claim Suggests Burns Churned Client’s Account

 
Next, a Salomon Whitney Financial client contested Shawn Burns’ sales practices in bringing FINRA Arbitration #: 18-01055. Allegedly, Burns churned this client’s account. The client indicated that Burns traded mainly to generate commissions or fees from the client regardless of the client’s situation. Not only that, but the client suggested that Burns and Salomon Whitney Financial were in breach of the client’s investment agreement. Moreover, Burns supposedly made bad trades in the client’s account, and traded without any written authorization. For this reason, the client alleged $156,557 in damages. Currently, this matter is unresolved.

Salomon Whitney Client Brings Arbitration Claim Indicating Shawn Burns Was Negligent

 
Evidently, on July 28, 2016, a client of Salomon Whitney Financial filed FINRA Arbitration #: 16-00843. Allegedly, Shawn Burns was negligent when trading this client’s account. The client alleged that Burns excessively traded common and preferred stock and OTC equities. Supposedly, these investments were not consistent with the client’s investment circumstances, goals or risk tolerance. Eventually, Salomon Whitney Financial opted to settle the matter by paying the client $185,000 in damages.

Evidently, prior to FINRA imposing a permanent bar against Shawn Burns, Salomon Whitney Financial discharged him. Notably, Salomon Whitney Financial says Burns was involved in a number of arbitrations and claims. Experienced losses through investing with broker Shawn Burns? If so, contact Soreide Law Group at (888) 760-6552 and speak with experienced counsel about a possible recovery of your investment losses. Soreide Law Group represents clients on a contingency fee basis and advances all costs. The firm has recovered millions of dollars for clients who have suffered losses due to misconduct of brokers and brokerage firms.