INVESTOR ALERT! Quincy Caldwell of Planmember Securities SUSPENDED – Katy, TX
Quincy Caldwell, formerly with Planmember Securities Corp., Suspended Three Months
Have you lost money with financial advisor Quincy Caldwell from Katy, Texas? We are investigating allegations made by FINRA (the Financial Industry Regulatory Authority) made against Quincy D. Caldwell. FINRA alleged that he made unsuitable recommendations to six of his customers to switch from Class “A” shares of one mutual fund to another. To settle these allegations, Caldwell was suspended from the securities industry for three months and fined $5,000.
“A” shares of mutual funds typically have upfront commissions of 3% to 5%, and Caldwell was recommending that one of his clients exchange these shares on 119 occasions between February 2014 and September 2018, costing these customers almost $58,000 in commissions. As such, these clients were paying 3% to 5% commissions on a short term basis, and FINRA alleged that this was excessive and unsuitable.
Quincy Caldwell was a registered representative and financial advisor with Planmember Securities Corp. from October 2013 to October 2018. He worked out of a branch office in Katy, Texas. Caldwell has been the subject of three judgments or liens, and he was also discharged by another firm in 2011. He has also been affiliated with Moeybea Wealth Management and Financial Depot.
Broker-dealers like Planmember Securities Corp. have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations, such as to refrain from excessively trading a customer’s account or switching mutual funds. When broker-dealers 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; Phoenix, Arizona; Seattle, Washington; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in Texas and throughout the Houston area. Our attorneys have represented over one thousand investors against many brokerage firms in the past.
IF YOU LOST MONEY WITH QUINCY CALDWELL, PLANMEMBER SECURITIES CORP. OR MOEYBEA WEALTH MANAGEMENT, CONTACT ISRAELS & NEUMAN AT 720-599-3505.
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