JP Morgan Accused Of Making Unsuitable Recommendations
Jeffrey Brewer McAleney, of Morristown, New Jersey, a stockbroker currently registered with J.P. Morgan Securities, LLC, is the subject of a customer initiated investment related written complaint on October 13, 2017, where the customer requested $20,271.50 in damages supported by allegations that between 2014 and 2016, McAleney made unsuitable investment recommendations to the customer regarding unit investment trust products.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that McAleney has been identified in nine more customer initiated investment related disputes containing accusations of his violative conduct during the time that he was associated with J.P. Morgan Securities, LLC, Bear Stearns & Co. Inc., RBC Dain Rauscher, and Gibraltar Securities Co. Specifically, a customer initiated investment related arbitration claim involving McAleney’s conduct was settled for $28,000.00 in damages founded on allegations that McAleney, inter alia, effected limited partnership investment transactions that were not suitable for the customer. National Association of Securities Dealers (NASD) Arbitration No. 95-02246 (July 18, 1996).
Another customer initiated investment related arbitration claim pertaining to McAleney’s activities was resolved for $43,600.00 in damages based upon accusations that McAleney placed limited partnership investments that were neither suitable nor authorized by the customer. NASD Arbitration No. 97-04507 (May 4, 2000). Then, a customer initiated investment related arbitration claim regarding McAleney’s activities was resolved for $130,000.00 in damages supported by allegations that McAleney effected unit investment trust trades in the customer’s account on an excessive, unauthorized and unsuitable basis. FINRA Arbitration No. 04-00647 (July 20, 2009).
McAleney has also been subject to a customer initiated investment related arbitration claim, which settled for $62,500.00 in damages founded on accusations that McAleney placed unsuitable equity purchases in the customer’s investment portfolio. FINRA Arbitration No. 09-00645 (May 11, 2010). Thereafter, a customer initiated investment related arbitration claim involving McAleney’s conduct was settled for $25,000.00 in damages based upon allegations that McAleney made unsuitable stock recommendations to the customer. FINRA Arbitration No. 09-00161 (May 12, 2010).
Subsequently, a customer initiated investment related arbitration claim pertaining to McAleney’s activities was resolved for $51,750.00 in damages supported by accusations that McAleney poorly advised the customer in reference to dividend producing preferred stock investments, as those investments failed to conform to the customer’s objectives for investing. FINRA Arbitration No. 10-01378 (May 2, 2011). The customer additionally alleged that McAleney made misrepresentations concerning the customer’s investment portfolio.
Moreover, a customer brought an investment related arbitration claim in reference to McAleney’s conduct, in which the customer sought $200,000.00 in damages founded on allegations that McAleney failed to apprise the customer about investment risks, and inappropriately placed the customer’s assets in speculative and volatile closed-end funds, preferred stocks and equities, resulting in the customer’s portfolio having been over-concentrated. FINRA Arbitration No. 14-00410 (Mar. 18, 2014).
McAleney is the subject of another customer initiated investment related arbitration claim, which settled for $100,000.00 in damages based upon accusations that McAleney’s investment recommendations regarding closed-end funds were not suitable for the customer. FINRA Arbitration No. 14-02978 (Oct. 7, 2016). Further, on October 13, 2017, a customer filed an investment related written complaint regarding McAleney’s activities, requesting $313,909.22 in damages supported by allegations that between 2007 and 2016, McAleney recommended equity investments that were not appropriate in consideration of the customer’s goals for investing.
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