Former broker Joseph Thurnherr (also known as Joseph Morris Thurnherr) has been sanctioned by FINRA in connection with alleged circumstances related to the bar against him, according to FINRA’s Letter of Acceptance, Waiver and Consent (AWC), under review by attorney Alan Rosca.
Investment loss attorney Alan Rosca and his colleagues, of the Rosca Scarlato LLC law firm, are investigating conduct related to the unsuitable trading allegations, among others, brought against Joseph Thurnherr by some of his customers.
Investors who are concerned about their investments with Joseph Thurnherr may reach out to attorney Alan Rosca or his colleagues for a free, no-obligation consultation and discussion of potential options, or to provide any useful information. Interested Joseph Thurnherr investors may call 888-998-0530, send an email to arosca@rscounsel.law, or complete the contact form on this webpage.
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Joseph Thurnherr Barred By FINRA
According to the AWC, in February 2020, FINRA requested information and documents from former broker Joseph Thurnherr in connection with an investigation into allegations set forth in a customer-initiated arbitration against him. Thurnherr allegedly refused to produce the requested information and documents at any time, and without admitting or denying the allegations, he signed the AWC agreeing to being barred.
Thurnherr’s Past Regulatory Actions
According to a previous regulatory action, Joseph Morris Thurnherr was suspended in December 2017 for alleged failure to comply with an arbitration award or settlement agreement or to satisfactorily respond to a FINRA request to provide information concerning the status of compliance.
In October 2017, the Florida Office of Financial Regulation issued a Final Order, reportedly denying Thurnherr’s application for registration as an associated person of Spartan Capital Securities, LLC, after he allegedly failed to request a hearing. The Final Order followed a Notice of Intent to Deny, which alleged that Thurnherr made a material misrepresentation or misstatement on his application for registration.
Finally, in January 2019 Thurnherr’s former broker dealer, Spartan Securities, entered into a consent order with the NJ Dept of Securities in relation to the fact that Thurnherr violated his heightened supervision agreement.
Thurnherr Is the Subject of Several Customer Disputes
The Rosca Scarlato investor rights lawyers reviewed publicly available information and found that broker Joseph Morris Thurnherr has several customer disputes as of the date of this article, as reported on his FINRA brokercheck page.
In a dispute reportedly initiated in August 2019, the customer alleged that during a six-month period beginning January 2019, while Thurnherr was registered with Winston Hill Capital, LLC, he was engaging in unsuitable trading, wrongful over-concentration, unauthorized trading and fraud and failure to supervise. The customer is reportedly seeking $314,852 in damages.
In April 2017, one customer alleged churning, margin, unsuitability and unauthorized trades from February 2016 to November 2016, while Thurnherr was registered with Meyers Associates LP. The client in this dispute is seeking to recover $383,000 in damages, according to the reports.
In June 2015, another customer alleged that while Thurnherr was registered with Legend Securities, Inc., he and other associates of Legand engaged in churning, excessive trade and scienter, suitability, unauthorized trading, negligence, breach of fiduciary duty, breach of contract and misrepresentation. The customer is requesting $536,180.09 in alleged damages.
Thurnherr Subject of Two Customer Disputes That Concluded in Settlements
In a dispute reported in February 2019, the customer alleged unsuitable investments, misrepresentation and breach of fiduciary duty while Thurnherr was registered with National Securities Corp. The allegations reportedly involve equity. This customer was reportedly seeking to recover $100,000 in damages, and in October 2019 the client agreed to a $50,000 settlement, according to the Brokercheck report.
In June 2016, in another dispute reportedly inivolving Thurnherr, the customer alleged unsuitability and over-concentration resulting in losses of $84,124.
This customer was reportedly seeking to recover $93,624 in damages, and in July 2017 the client agreed to a $14,249 settlement, according to the Brokercheck report.
Finally, it is important to note that, as of the date of this article, there has not been a finding of liability as to the complaints or allegations mentioned in this article, unless otherwise indicated. Any reader should also read the original sources hyperlinked in this blog for accuracy, including any BrokerCheck report and/or record of any disciplinary or regulatory action. Those sources are incorporated by reference into the text of this blog, and are the governing materials in case of any inconsistencies or typos in this blog.
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Investment Loss Attorneys Are Investigating
The Rosca Scarlato LLC law firm represents investors who lose money as a result of investment-related fraud or misconduct and is currently investigating conduct related to broker Joseph Thurnherr’s alleged unsuitable recommendation allegations, among others.
The firm takes most cases of this type on a contingency fee basis and advances the case costs, and only gets paid for their fees and costs out of money recovered for clients. Attorney Alan Rosca, a securities lawyer and adjunct professor of securities regulation, has represented thousands of victimized investors across the country and around the world in cases ranging from arbitrations to class actions.
Concerned Joseph Thurnherr investors may contact attorney Alan Rosca, or his colleagues for a free no-obligation case evaluation and discussion of potential options, at 888-998-0530, via email at arosca@rscounsel.law, or through the contact form on this webpage.
