Posted: October 9th, 2017
Shawn E. Burns
Silver Law Group is currently investigating former New York-based Salomon Whitney Financial broker Shawn E. Burns for three pending FINRA arbitrations.
According to Burns’s FINRA BrokerCheck report, he has three pending FINRA arbitrations that include allegations of; unsuitable recommendations, failure to supervise, fraud, breach of duty of loyalty, and negligence
FINRA’s BrokerCheck tool is a valuable way to examine a broker’s background. The investor tool discloses FINRA arbitrations that have been settled, are pending or have been denied; bankruptcies, civil judgments and tax liens; employment separations and other discharges; criminal proceedings; and regulatory actions. According to an InvestmentNews report, only about 12 percent of financial advisors have any type of disclosure events on their records.
Burns has 30 disclosures on his FINRA BrokerCheck report. That is a high amount of disclosures by any measure but especially high in light of the InvestmentNews report.
Those 30 disclosures are a mix of different FINRA arbitrations, regulatory actions, personal financial issues and employment separations.
In March of 2016, a complaint alleging excessive trading, suitability & negligence relating to equity listed common and preferred stock was filed with FINRA. This complaint alleges $400,000 in damages.
Another customer compliant from Burns’s BrokerCheck report alleges churning and unsuitable trading in their account.
Burns’s certainly has a colorful FINRA BrokerCheck report. While many of the allegations are pending, A high number of any type of disclosures can be a warning sign of more problems in a broker or brokerage firm.
Salomon Whitney Financial employed Burns from April 2014 to May 2016 at its Farmingdale, New York branch. Cape Securities Inc (CRD#7072) employed him from August 2012 to April 2014 at its Holbrook, New York branch.
If you have invested with Shawn E Burns and Salomon Whitney Financial and have lost money doing so, you may be able to recover some or all of your losses. Our lawyers are experienced in recovering investor losses due to broker and brokerage firm misconduct through FINRA arbitration.
Silver Law Group represents the interests of investors who have been the victims of investment fraud. If you have questions about your legal rights, please contact Scott Silver of the Silver Law Group for a free consultation at email@example.com or toll-free at (800) 975-4345.
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