Former Financial Advisor Charged for Unsuitable Investment Recommendation

Posted on November 11th, 2015 at 4:09 PM
Former Financial Advisor Charged for Unsuitable Investment Recommendation

From the Desk of Jim Eccleston at Eccleston Law LLC:

Clifford D. Morgan, a former financial advisor and registered representative of Uhlmann Price Securities from 2007 to December 2014, inappropriately referred customers to invest in risky promissory notes.  FINRA alleged that Morgan referred $1.8 million in the promissory notes and that he failed to adequately disclose the risk of the promissory notes and misrepresented the return of the investment.

Brokerage firms like Uhlmann Price Securities have a responsibility to adequately supervise all their reps. Brokerage firms also must take steps to ensure their financial advisors follow all securities rules and regulations, as well as internal firm policies.  When brokerage firms fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.

 The attorneys of Eccleston Law LLC represent investors and advisers nationwide in securities and employment matters. Our attorneys draw on a combined experience of nearly 65 years in delivering the highest quality legal services.

Related Attorneys: James J. Eccleston

Tags: Eccleston, Eccleston law, Eccleston Law LLC, james eccleston

Return to Archive

TESTIMONIALS

Previous
Next

We just wanted to say thanks for your work in helping us get back some of the money we lost. We are not by any means rich, but we have saved some money and we have done so through a tight-fisted approach to most everything we do. So losing a significant chunk of money hurt…especially at a time when everyone else was growing their accounts. We really appreciate the work you did.

Allan and Adele

LATEST NEWS AND ARTICLES

September 20, 2023
SEC Orders Legendary Capital Founder and REIT Advisors to Pay Nearly $5 Million

Corey Maple, co-founder of non-traded REIT sponsor Legendary Capital, has agreed to a $100,000 civil penalty to settle charges brought by the Securities and Exchange Commission (SEC).

September 19, 2023
Reg BI Violations Lead to FINRA's Fine on Another Broker-Dealer

The Financial Industry Regulatory Authority (FINRA) has fined and censured broker-dealer Network 1 Financial Securities and its chief compliance officer for violating Regulation Best Interest (Reg BI).

September 18, 2023
Troubles at an Arizona Park Funded by Municipal Bonds Are a Warning to Investors

The recent financial troubles at a sports arena in Mesa, Arizona, demonstrate that not all municipal bonds are equally safe.