Investors Sue Concorde Investment Services For Fraud
Jill Marie Cody (also known as Jill Marie Tramontano) of Spring Lake New Jersey a stockbroker associated with Westminster Financial Securities Inc. and Concorde Investment Services LLC has been referenced in a customer initiated investment related arbitration claim which has been settled for $125,000.00 in damages supported by allegations that (1) misrepresentations were made to the customer (2) the customer had been defrauded and (3) unsuitable investment recommendations were made by Cody when she was employed by Westminster Financial Securities and Concorde Investment Services. Financial Industry Regulatory Authority (FINRA) Arbitration No. 17-01850 (Aug. 16, 2019).
FINRA Public Disclosure reveals that Cody has been referenced in nine more customer initiated investment related disputes concerning accusations of her sales practice violations when the stockbroker was associated with Westminster Financial Securities Inc., Westminster Financial Advisory Corp., Concorde Investment Services LLC and Concorde Asset Management.
On February 26, 2019, a customer filed an investment related civil action in the United States District Court for the District of Massachusetts in reference to Cody’s conduct where the customer sought unspecified damages based upon accusations that fiduciary duties owed to the customer had been breached and that the customer’s account was subject to negligence between 2010 and 2019 when Cody was associated with Westminster Financial Securities and Concorde Investment Services. Civil Action No. 19-cv-10289.
On March 18, 2019, a customer initiated investment related arbitration claim involving Cody’s conduct was settled for $75,000.00 in damages. FINRA Arbitration No. 18-00849 (Mar. 18, 2019).
According to the claim, the customer’s account was churned. Transactions effected in the customer’s account were allegedly not suitable for the customer. The claim also alleged breach of fiduciary duty and negligence with regard to over the counter equities trades effected by Cody at Westminster Financial Securities or Concorde Investment Services.
Cody is referenced in another customer initiated investment related arbitration claim which has been resolved for $190,000.00 in damages. FINRA Arbitration No. 17-02608 (May 14, 2019). According to the claim, the customer’s investment transactions were handled in a negligent manner and misrepresentations were made about investments offered through IFS and Concorde Asset Management. The claim also alleged that the customer was defrauded.
Cody has been barred from associating with any FINRA member in any capacity supported by findings of a certain stockbroker RC who was under FINRA suspension being permitted by Cody to engage in securities business. Letter of Acceptance Waiver and Consent No. 2016051816301 (Feb. 23, 2017).
According to the AWC, customers were not made aware of RC’s suspension but instead told that Cody would be assisting RC. FINRA indicated that the suspended stockbroker corresponded with customers and recommended and effected trades. Cody violated FINRA Rule 2010.
On March 28, 2019, Cody was suspended from associating with any FINRA member in any capacity based upon accusations of her failure to satisfy a customer initiated investment related settlement agreement or arbitration award or otherwise report her status to the regulator. FINRA Case No. 17-02035. Cody’s registration with Concorde Investment Services has been terminated as of August 5, 2016.