Gilford Broker Suspended For Failure To Pay Customer
Jeremy David Hare of Bala Cynwyd, Pennsylvania, a stockbroker associated with Gilford Securities Incorporated, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity on January 4, 2014, based upon consenting to findings that he failed to comply with a customer award of $249,303.21 in FINRA Arbitration No. 11-03778, which contained findings that Hare committed a breach of a breach of a promissory note and stabilization agreement.
This is not the first time that FINRA sanctioned Hare for misconduct. In particular, he was fined $4,380.25 and barred by FINRA in all capacities according to an Office of Hearing Officers Hearing Panel Decision containing findings that he falsified information to FINRA staff in regard to his trading activities in the course of an investigation; conduct violative of FINRA Rules 2010 and 8210. Department of Enforcement v. Jeremy D. Hare, No. 2008014015901 (Sept. 18, 2012).
FINRA Public Disclosure reveals that Hare has been identified in nineteen additional customer initiated investment related disputes containing accusations of Hare’s misconduct while employed with Oppenheimer & Co. Inc., Gilford Securities, Wachovia Securities, LLC, First Union Securities Inc., and Wells Fargo Advisors.
For example, a customer initiated investment related arbitration claim pertaining to Hare’s conduct was settled for $30,000.00 to resolve allegations that Hare executed unsuitable and unauthorized corporate debt, municipal debt and mutual fund transactions, and churned the customer’s investment portfolio. FINRA Arbitration No. 11-03881 (Oct. 11, 2011). Thereafter, on June 8, 2012, a customer initiated investment related written complaint regarding Hare’s activities was resolved for $8,428.20 in damages supported by allegations that the customer was excessively charged commissions in reference stock transactions.
On November 7, 2012, another customer initiated investment related written complaint involving Hare’s conduct was settled for $15,000.00 in damages founded on accusations of unauthorized municipal debt trading. Subsequently, on February 28, 2014, a customer initiated investment related written complaint regarding Hare’s activities was resolved for $50,000.00 in damages based upon allegations of churning, suitability and unauthorized trading of closed end funds and equities. Moreover, a customer initiated investment related arbitration claim pertaining to Hare’s activities was resolved for $1,075,000.00 in damages supported by allegations including churning and suitability relating to equity, mutual fund, and closed-end fund transactions executed in the customer’s investment account. FINRA Arbitration No. 14-02559 (July 25, 2016).
Hare has also been subject of a customer initiated investment related arbitration claim, which settled for $23,000.00 in damages founded on accusations of excessive commissions, churning, fraud, breach of contract, breach of fiduciary duty, and misrepresentation. FINRA Arbitration No. 16-02638 (Aug. 22, 2017). Another customer initiated investment related arbitration claim regarding Hare’s activities was resolved for $79,000.00 in damages based upon allegations that exorbitant commissions were charged on unsuitable investments, and that the customer was defrauded. FINRA Arbitration No. 16-02602 (Sept. 28, 2017). The customer further alleged that Oppenheimer failed to supervise Hare’s activities.
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