Soreide Law Suit Files FINRA Arbitration Against Broker WILLIAM C GENNITY and FIRST STANDARD FINANCIAL

Soreide Law Group has filed a FINRA arbitration on behalf of their client (“Claimant”) against FIRST STANDARD FINANCIAL COMPANY, LLC, (“FIRST STANDARD”) and their registered representative, WILLIAM C GENNITY (“GENNITY”) CRD# 4913490.
The Claimant, a married, father of four, is in his mid-forties and from Utah. The lawsuit states that the Claimant has minimal experience with investments outside of his company’s 401k and retirement accounts. FIRST STANDARD broker, WILLIAM C GENNITY, allegedly cold-called the Claimant and he opened an account with approximately $140k which the lawsuit states GENNITY quickly put on margin and began allegedly to trade, with each trade carrying with it large mark ups and/or mark down costing the Claimant sometimes over $1,000 per trade. The Claimant, who is an investing novice, earns approximately $88k per year and he could not afford to gamble with this money, especially with four children to support.
The lawsuit alleges that while with FIRST STANDARD, the Claimant fell victim to the fraud, breach of fiduciary duty, churning, unauthorized trading, deception, exploitation, and unscrupulous activities of their registered representative, GENNITY.
The allegations state that the Claimant did not maintain a discretionary account and GENNITY, allegedly, would make the trade and then tell the Claimant after he made the trade.  The lawsuit states that FIRST STANDARD’S lack of supervision over their registered representative was evidenced by them allowing GENNITY to churn the Claimant’s account and execute unauthorized, unsuitable and inappropriate trades at will while using margin.  They allegedly never made an attempt to ever build the Claimant a well-managed, diversified portfolio which would protect his hard earned savings.
The lawsuit states that although the damage analysis is presently ongoing, FIRST STANDARD and WILLIAM C GENNITY’S actions have caused the Claimant out of pocket damages of approximately $200,000.00.
The lawsuit is claiming:  negligence, breach of fiduciary duty, negligent supervision, breach of contract, and fraud.
The Respondents have yet to respond to the lawsuit.
If you experienced investment losses due to the actions or recommendations of FIRST STANDARD FINANCIAL COMPANY, LLC broker, WILLIAM C GENNITY, call Soreide Law Group and speak to a securities lawyer at no cost regarding the possible recovery of your financial loss at: 888-760-6552.
Soreide Law Group represents clients nationwide before FINRA and we operate on a contingency fee basis.  Let our experience work for you.