James Arthur Allen (also known as Jim Allen) of Skokie Illinois a stockbroker formerly registered with Citigroup Global Markets is the subject of a customer initiated investment related complaint which was resolved on August 22, 2018 for $73,000.00 in damages based upon allegations that (1) Allen failed to inform the customer about the risks pertaining to private placement investments (2) Allen instructed the customer to lie about his net worth in order to invest in private placement securities (3) Allen made bad investment recommendations concerning a private placement investment given the customer’s limited experience and financial resources available for the investment and (4) Allen overconcentrated the customer’s assets in a speculative private placement which produced catastrophic losses after that private placement failed.

Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Allen is referenced in seven more customer initiated investment related disputes that concern accusations of his misconduct when he was associated with Citigroup Global Markets. Particularly, a customer initiated investment related complaint in regards to Allen’s activities has been settled for $25,000.00 in damages supported by allegations that false or misleading statements and omissions had been made concerning stocks sold to the customer; transactions were effected in violation of state securities laws, Securities Exchange Act of 1934, New York Stock Exchange (NYSE) rules and National Association of Securities Dealers (NASD) rules; the customer’s account had been handled with poor care; fiduciary duties were breached; the customer’s assets had been overconcentrated in speculative and unsuitable investments; and the customer was defrauded.

Moreover, on April 4, 2017, a customer filed an investment related complaint involving Allen’s activities where the customer sought unspecified damages founded on accusations that false or misleading information had been provided to the customer regarding the liquidation and tax consequences pertaining to the customer’s exchange traded fund holdings.

Allen was terminated from Citigroup Global Markets Inc. on April 4, 2017 based upon allegations of his possible altering of customers’ account profiles, and Allen communicating with customers in a manner which violated Citigroup Global Markets’ policy. He has been registered with David A. Noyes Company since May 26, 2017.

The information contained herein has been obtained from reliable sources however may not be accurate and is not guaranteed by us. Readers are encouraged to undertake their own independent investigation and evaluation of the relevant facts. All claims and allegations are subject to adjudication, decisions may be subject to appeal, and no inference is intended, nor should any inference be made from any information contained herein from any source.

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Guiliano Law Group, P.C.

Our practice is limited to the representation of investors. Over the last three decades, we have recovered more than a hundred million dollars for more than 1,000 injured investors from all over the United States and several foreign countries. We accept representation purely on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a confidential consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.

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