John Howley (John C. Howley) (CRD#: 2229244) is a former broker whose last employer was Park Avenue Securities LLC (CRD#:46173) of Rumson, NY. His previous employer was Guardian Investor Services Corporation (CRD#:6635) of New York, NY. He has been in the industry since 1995.
Howley is the subject of ten disclosures, eight of which are customer disputes. The latest, filed on 5/22/2019, alleges that Howley recommended a fraudulent investment scheme in a company called Global Credit Recovery, causing the client a loss of $250,000. The client has also requested a reimbursement for a whole life insurance policy, because she can no longer afford the premiums after suffering the loss from the fraudulent investment. She is requesting damages of $351,000.00.
Six previous disputes made the same allegations of fraudulent investments in Global Credit Recovery, a Ponzi scheme that shut down by the SEC in 2018. These customer disputes were filed from 11/2018 through 3/2019, and were all settled individually for a total of $5,836,939.81.
Because Global Credit Recovery was not part of Park Avenue Securities’ vetted offerings, Howley’s actions constituted “selling away,” or selling investments that were not authorized by the firm and backed with the firm’s due diligence. He also failed to disclose these private investments to the firm. The referrals of these clients to private, outside investments were the reason for his termination. The details of these investments were included in the Form U5 provided to FINRA upon his discharge.
FINRA began an investigation into Howley’s activities, and notified him on 7/29/2019 of required on-the-record testimony. On 8/7/2019, Howley’s legal counsel acknowledged the receipt of their request, and informed FINRA that he would not be appearing for on-the-record testimony at any time. Refusing to testify is a violation of FINRA’s Rules 8210 and 2010.
FINRA issued an Acceptance, Waiver & Consent (AWC) letter, detailing the sanctions against him including an indefinite bar in all capacities. He is also prohibited from association with any FINRA member in any capacity. Howley signed the AWC on 8/29/2019, and the bar became effective on 9/09/2019. He is no longer working in the industry as a broker or other licensed investment professional.
Did You Invest With John Howley?
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