The Financial Industry Regulatory Authority (FINRA) licenses and regulates the stock brokerage industry. It requires stock brokerage firms and their stock brokers to be qualified, registered, and approved by the agency before they may offer and sell securities to the public. FINRA also requires its registrants to immediately report regulatory events, such as suspensions, fines, and customer complaints, against the firm and broker. FINRA maintains a database of investor complaints and disciplinary and employment history for registered representatives and publishes some of this information on its BrokerCheck website, brokercheck.finra.org. The FINRA BrokerCheck is purportedly useful for predicting future broker misconduct. Unfortunately, not all customer complaints are accurately or completely reported on the website. We are seeking investors with information about Int'l Assets Advisory broker James H. Simmons Jr. to determine whether the reported information on the FINRA BrokerCheck website is accurate and complete.
FINRA reports that Mr. Simmons has been registered in the securities industry since 1994. Over the years, he has been registered with 7 brokerage firms: Dean Witter Reynolds Inc., PaineWebber Inc., FSC Securities Corporation, National Planning Corporation, Brook Street Sec. Corporation, J. P. Turner and Company LLC and, most recently, Int'l Assets Advisory LLC . During that period, the FINRA BrokerCheck report indicates that Mr. Simmons has been the subject of one Regulatory Event and 12 Customer Disputes, 3 of which were pending as of August 24, 2016.
The Regulatory Event includes one order granting Mr. Simmons a conditional securities salesperson license in the State of Oregon. Mr. Simmons signed an agreement for conditional securities salesperson license requiring heightened supervision because of the applicant's prior disclosures of matters relating to financial matters and customer disputes.
There are 9 customer disputes with allegations of fraud, breach of fiduciary duty, violation of FINRA rules, and failure to supervise that have supposedly settled for amounts ranging from $6,750 to $325,000 while he was employed at National Planning Corporation, Brook Street Sec Corporation and/or FSC Securities Corporation. There were 3 pending arbitrations reportedly filed against Mr. Simmons for alleged misrepresentations and omissions and forgeries while he was employed at National Planning Corporation and FSC Securities Corporation. Mr. Simmon's contends that he was not the broker of record with respect to the complaint filed against FSC Securities Corporation. We believe that Mr. Simmons' employers may have not accurately or completely reported all of the Customer Disputes involving him and request that all investors with complaints against Mr. Simmons contact our office immediately.
The most important of investors' rights is the right to be informed! We intend to notify FINRA of any and all unreported or inaccurate customer complaints against this firm and/or broker. This blog post is by the Law Offices of Robert Wayne Pearce, P.A., located in Boca Raton, Florida. For over 35 years, Attorney Pearce has tried, arbitrated, and mediated hundreds of disputes involving complex securities, commodities and investment law issues. The lawyers at our law firm are devoted to protecting investors' rights throughout the United States and internationally! Please visit our website, secatty.com, post a comment, call (800) 732-2889, or email Mr. Pearce at firstname.lastname@example.org for answers to any of your questions about this blog post and/or any related matter.