Failure To Supervise

James Michael Casey of Palm Desert California a stockbroker formerly registered with Purshe Kaplan Sterling Investments is referenced in a customer initiated investment related written complaint on February 20, 2019 in which the customer sought $2,300,000.00 in damages based upon allegations that Purshe Kaplan Sterling Investments failed to supervise Casey’s activities which resulted in the customer receiving bad investment recommendations. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-00544 (Mar. 4, 2019).

FINRA Public Disclosure confirms that Casey is referenced in five more customer initiated investment related disputes containing accusations of his violative conduct while employed with Integrated Wealth Management Inc. and Purshe Kaplan Sterling Investments. Specifically, Casey is the subject of a customer initiated investment civil action brought in the Los Angeles Superior Court where the customer requested unspecified damages founded on allegations of the customer’s funds being misappropriated or otherwise used without the customer’s permission by Casey. Civil Action BC 572563 (Feb. 25, 2015).

Another customer filed an investment related civil action in the United States District Court for the Central District of California in which the customer sought $8,405,000.00 in damages supported by accusations of unauthorized transactions being executed with the customer’s funds; a breach of fiduciary duty in regard to a loan which had been made by the customer to a company Casey controlled; and an inappropriate sale of a variable annuity made by Casey when he was associated with Integrated Wealth Management and Purshe Kaplan Sterling Investments. Civil Action No. 8:17-cv-00647 (Apr. 17, 2017).

On May 18, 2017, another customer filed an investment related complaint regarding Casey’s activities where the customer requested $50,000.00 in damages based upon allegations that Casey made false or misleading statements in regard to the sales loads charged to the customer upon purchasing a variable annuity by Casey while the stockbroker was associated with Purshe Kaplan Sterling Investments.

Also, on June 21, 2017, a customer filed an investment related complaint involving Casey’s conduct in which the customer sought $687,000.00 in damages founded on accusations that the customer fell victim to one of Casey’s schemes that involved the customer being steered towards loaning funds to Casey’s company, Team Jupiter, where there were non-disclosures and unreasonable advice provided by Casey in reference to the transactions.

FINRA Public Disclosure additionally reveals that Casey has been investigated by FINRA to assess whether Casey engaged in in violations of NYSE, MSRB, NASD or FINRA rules or federal or state securities laws. Casey’s employment with Purshe Kaplan Sterling Investments has been terminated as of May 31, 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.

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