WARNING! Impending Investigation: JAMES FLEMING
James Fleming, formerly of Investors Capital Corp., Suspended from Securities Industry for Four Months
Have you lost money with financial advisor James Fleming of Worcester, Massachusetts? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against James S. Fleming, III. FINRA suspended Fleming from the securities industry for four months and fined him $10,000 after he was alleged to have engaged in short-term trading of Unit Investment Trusts (or UITs).
UITs are not designed for short-term trading because of their commissions and costs of trading. Between 2010 and 2014, James Fleming recommended on 177 occasions that his customers sell their UITs within 8 months of purchase. FINRA alleged this to be unsuitable in view of the frequency and costs of trading.
James Fleming was a financial advisor and registered representative of Investors Capital Corp. from 2005 to August 2016. He worked at branch offices in Worcester, Massachusetts. Fleming has also been affiliated with Park Place Financial. Fleming has been the subject of at least four customer complaints.
Brokerage firms like Investors Capital Corp. have a responsibility to adequately supervise all representatives who are registered through their firm. Brokerage firms also must take steps to ensure that their financial advisors follow all securities rules and regulations, as well as internal firm policies. When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Ann Arbor, Michgan; and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Massachusetts and throughout the greater Boston area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including Investors Capital Corp.
Click to view: Fleming, James FINRA AWC (1)
Click to view: Fleming, James BrokerCheck 8.3.17 (1)
If you lost money with James Fleming or Investors Capital Corp., please CONTACT US at 720-599-3505 for a free evaluation of your case.
Israels & Neuman, PLC is a private law firm and is not affiliated with any government or law enforcement agency. Any investigation referenced in this blog is independent in nature and is being conducted by our law firm privately, not in conjunction with any government or law enforcement agency. All information contained in this blog should be deemed statements of opinion derived from the author’s review of public records, not statements of fact. This blog is advertising material and does not create an attorney client relationship, nor does it constitute legal advice. Everyone’s situation is different and the question of whether or not you have a claim will vary on a case-by-case basis. In contingent representation, clients may still be liable for costs.