WARNING! Investigation of JOHN BURNS–Chesterfield, Missouri
INVESTOR WARNING! John Burns from Chesterfield, Missouri
Have you lost money with financial advisor John Burns of Chesterfield, Missouri? We are investigating allegations made by FINRA, the Financial Industry Regulatory Authority, against John E. Burns. FINRA suspended Burns for 14 months regarding allegations that he exercised discretionary power in nine customer accounts without prior written authorization, and that he also made unsuitable risky investments for a senior couple.
According to FINRA’s allegations, John Burns effected approximately discretionary transactions (selling or purchasing securities without the client’s prior permission) on at least 100 occasions between December 2013 and August 2015. His brokerage firms, UBS Financial Services and Ameriprise Financial Services, require that brokers obtain prior written authorization to execute trades on a discretionary basis, and Burns failed to do so. He also purchased a number of high risk stocks of drug companies for senior investors. To settle these allegations, Burns agreed to pay a $17,500 fine and agreed to a fourteen-month suspension.
John Burns was a financial advisor and registered representative of UBS Financial Services from September 2011 to August 2014. He also was affiliated with Ameriprise Financial Services from August 2014 to October 2015, and with SagePoint Financial from October 2015 to November 2015. He worked at branch offices in Chesterfield and Wentzville, Missouri. According to FINRA’s Brokercheck, Burns is the subject of at least 6 customer complaints. He was also “discharged” by UBS Financial Services and “permitted to resign” by Ameriprise.
Brokerage firms like UBS Financial Services and Ameriprise 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 Ann Arbor, Michigan; Chicago; Denver; and the Seattle area. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Missouri and the St. Louis area. Our attorneys have represented over one thousand investors against many brokerage firms in the past, including UBS Financial Services and Ameriprise.
Click to view: Burns, John FINRA AWC
Click to view: Burns, John BrokerCheck 11.23.16
HAVE YOU LOST MONEY WITH JOHN BURNS, AMERIPRISE FINANCIAL, OR UBS FINANCIAL?
Aaron Israels: (720) 599-3505
David Neuman: (206) 795-5798
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.