Publicly released records by the Financial Industry Regulatory Authority (FINRA) show that New Jersey former broker and investment adviser Jeffrey Broten was allegedly barred from FINRA. An investigation by attorney Alan Rosca shows that this was a result of Broten refusing to provide the requested on-the-record testimony to FINRA regarding an investigation into his alleged unauthorized and unsuitable trading practices.
Investor rights attorneys at Rosca Scarlato LLC law firm frequently represent investors who are victims of fraud or broker misconduct, and at this time, they are investigating allegations involving Jeffrey Broten‘s unsuitable and unauthorized trading recommendations.
If you are an investor concerned about your losses as a result of Broten’s alleged broker misconduct, you can request an evaluation of your recovery options by calling an experienced investor rights attorney at 888-998-0530, sending an email to arosca@rscounsel.law, or filling out the contact form on this page.
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Broten Switched Eight Employers Before He Was Sanctioned by FINRA
According to his Brokercheck report, Broten became a broker in 1981 when he got his Series 7 General Securities Representative license. He started his career at R.E Bolton & Co. where he stayed until March 1983. Then he was a broker with Painewebber Incorporated, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets, and Gunnallen Financial.
During December 2009 he left Gunnallen and registered with National Securities Corporation in Tinton Falls, NJ, where he stayed for close to nine years until March 2018. In February 2018, Jeffrey Allan Broten became a registered General Securities Representative with the First Standard Financial Company in Red Bank, NJ. Then, in August 2019, Broten allegedly voluntarily terminated his contract and worked as a General Securities Representative with Newbridge Securities in Morristown, NJ. He worked with them until December 2019.
Jeffrey Broten Barred By FINRA for Allegations of Unsuitable and Unauthorized Trading
According to publicly available information, Broten was barred by FINRA on October 13, 2020. He allegedly refused to provide the on-the-record testimony that FINRA requested on September 24 regarding an investigation into his alleged unsuitable and unauthorized trading.
After Broten refused to comply with FINRA’s request to disclose information, he allegedly settled the regulatory action with an Acceptance, Waiver and Consent (AWC) letter on October 1, 2020. This letter states that he can no longer associate with any FINRA member in any capacity during the period of the bar. It also states that agreeing to this AWC is voluntary and does not admit to or deny FINRA’s findings.
Rosca Scarlato’s investor rights attorneys have experience with recovering losses for investors who have been victims of unauthorized trading by financial advisors such as Jeffrey Allan Broten. You can contact them today for a free consultation regarding your case.
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Previously Settled Customer Dispute Disclosures Involving Jeffrey Broten
During the course of his investigation, attorney Alan Rosca found that in addition to the allegations mentioned above, former broker and investment adviser Jeffrey Broten has been subject to other disputes before the aforementioned misconduct that led to him being barred by FINRA. As early as 1991, Broten was involved in a settled customer dispute regarding the allegation of negligence in the transfer of a limited partnership. The damages granted were $48,591.
Broten was also involved in a customer dispute filed in 2002 for the allegation of breach of fiduciary duty, unsuitable, excessive and unauthorized trading of stock, fraud, misrepresentation, negligence, breach of contract, and violation of NASD and NYSE rules. This settlement was for $87,000.
In October 2002, another customer filed a customer dispute, demanding $325,000 for unsuitable, excessive, and unauthorized trading, as well as fraud, misrepresentation, and negligence. According to Broten’s brokercheck report, Merrill Lynch, his broker dealer at the time, agreed to pay a settlement of $57,000 reportedly “to avoid cost of litigation.”
The most recent customer dispute involving Broten was filed in May 2020 regarding suitability; the damage amount requested was $100,000.
Allegations of Dishonest or Unethical Practices Involving Broten Were Made by NJ Bureau of Securities
Ex broker and investment adviser Jeffrey Broten also reportedly faced a regulatory sanction from the New Jersey Bureau of Securities on February 6, 2020. According to this reported action, Broten allegedly made false statements and provided misleading information in a pattern of unauthorized and unsuitable trades in customer accounts. He was allegedly fined $100,000 and had his registration revoked.
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If You Have Suffered Losses Because of Jeffrey Broten, Speak With an Investor Rights Attorney About Your Situation
Rosca Scarlato’s investor rights attorneys have extensive experience in fighting for recovering losses on behalf of broker misconduct victims. Investor rights advocate Alan Rosca is currently working on the Jeffrey Broten investigation, and he plans to take action and seek compensation for any investors who were harmed.
Jeffrey Broten investors are encouraged to contact Rosca Scarlato for a free evaluation of your case. This will allow you to learn about your rights and other relevant information. All consultations are free.
The Rosca Scarlato attorneys typically take cases like this on a contingency fee basis, so they only receive payment for fees and expenses if and when they recover money for their clients. If there is no recovery, then the clients are not charged any fees or expenses.
Investors who are concerned they may have lost money invested with Jeffrey Allan Broten can contact attorney Alan Rosca or his colleagues through calling 888-998-0530, emailing arosca@rscounsel.law, or filling out the contact form on this webpage.
