Financial Advisor Bernard McLaughlin (Century Securities Associates) Customer Complaints

• July 12, 2018
• Century Securities Associates

The Wolper Law Firm, P.A. is currently investigating claims against Bernard McLaughlin, a Financial Advisor at Century Securities Associates in Golden Valley, Minnesota.  Bernard McLaughlin first entered the securities industry in the 1970s and has worked for a multitude of brokerage firms, including Equity Securities Investments and R.J. Steichen & Co.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 30, 2018, Bernard McLaughlin became the subject of a customer complaint, alleging “registered representative was negligent and breached a fiduciary duty by recommending purchases of an energy company in the customers’ accounts from 2012 through 2015.”  The alleged damages are $1.125 million.

https://brokercheck.finra.org/individual/summary/601178#disclosuresSection

In addition, Bernard McLaughlin was the subject of a regulatory investigation early in his career.

In recent years, Financial Advisors recommended energy sector investments because the price of oil was high, which helped the balance sheet of energy sector companies and, in turn, their stock price.  Moreover, energy companies paid above-average dividends to shareholders.  Beginning in late 2014, the price of oil began to decline, causing a cascading effect to occur in the value of energy sector securities.  Customers that were recommended to invest in energy sector securities for either price appreciation or high income experienced substantial and often times irreplaceable losses in the value of their investments.

Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives.  Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients.  To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.

If you or someone you know was a customer of Bernard McLaughlin, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyers who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities.  Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters.  His industry insight, experience and knowledge gives his clients a competitive advantage.