First Standard Sued By Investors For Excessive Trading

Debra Collura Bourne (also known as Debra Ann Bourne and as Debra Anne Bourne) a stockbroker formerly registered with First Standard Financial is referenced in a customer initiated investment related arbitration claim where the customer sought $2,000,000.00 in damages founded on accusations that (1) trades were executed by the stockbroker in an excessive manner during the period in which she was employed by First Standard Financial and (2) equities trades placed in the customer’s account failed to be suitable. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00737 (Apr. 1, 2019).

FINRA Public Disclosure reveals that Bourne is referenced in four additional customer initiated investment related disputes pertaining to allegations of her violative conduct while employed with Oppenheimer Co. Inc., First Standard Financial and National Securities Corp. Specifically, she is the subject of a customer initiated investment related arbitration claim which was settled for $90,000.00 in damages based upon accusations that when Bourne was associated with National Securities Corp and Oppenheimer Co. Inc., contractual obligations had been violated; the customer’s account had been handled with poor care; over-the-counter equities transactions failed to be suitable for the customer; and fiduciary duties were not complied with. FINRA Arbitration No. 15-01550 (June 1, 2016).

Another customer filed an investment related arbitration claim concerning Bourne’s activities in which the customer requested $668,000.00 in damages supported by allegations that stock transactions effected in the customer’s account were unsuitable, and unauthorized trades were executed by the stockbroker which led the customer to experience unwarranted losses. FINRA Arbitration No. 19-00431 (Feb. 15, 2019).

Bourne is referenced in another customer initiated investment related arbitration claim where the customer sought $300,000.00 in damages founded on accusations that fiduciary duties owed by the stockbroker had been breached; the investment account was administered with poor care; and trades were effected in the customer’s account on an unsuitable and excessive basis. FINRA Arbitration No. 19-00752 (Mar. 25, 2019). Also, a customer filed an investment related arbitration claim regarding Bourne’s conduct in which the customer requested $2,000,000.00 in damages based upon allegations of excessive and unsuitable stock trading in the customer’s account during the time that Bourne was associated with First Standard Financial. FINRA Arbitration No. 19-00737 (Apr. 1, 2019).