- February 3, 2024
- PHX Financial
Bernard F. Jasmin (CRD#: 4442394) is a previously registered broker.
He entered the securities industry in 2002 and previously worked with J.P Turney & Company, LLC; National Securities Corporation; Aura Financial Services, Inc.; Empire Asset Management Company; and PHX Financial, Inc.
Current and Past Allegations of Conduct Leading to Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in January 2023, Bernard Jasmin became the subject of a customer dispute which alleged, “Between the dates of 07/2017 through 01/2018 & 04/2018 through 05/2019 the claimant alleges trading losses. Alleged violations include suitably, churning, breach of fiduciary duty and unauthorized trading.” The damage amount requested is $322,734.50 and the customer dispute is still pending.
In addition, Bernard Jasmin has been the subject of three other disclosures, which include the following:
- April 2021—“ Fraud, churning, unauthorized trading, excessive commissions. Claim covers the time period at a previous firm between roughly 02/2013 thru 14/2015.” The damage amount requested is $4,800,000 and the customer dispute is still pending.
- March 2007—“ UNSUITABLE RECOMMENDATIONS AND CHURNING WITH EXCESSIVE TRADES.” The customer dispute settled for $3,750.
- February 2007—“ UNAUTHORIZED TRADING, UNSUITABILITY, OVERCONCENTRATION, EXCESSIVE USE OF MARGIN, FRAUD, NEGLIGENCE, BREACH OF FIDUCIARY DUTY, BREACH OF CONTRACT AND VIOLATIONS OF SECURITIES EXCHANGE ACT 1934 AND NASD CONDUCT RULES.” The customer dispute settled for $6,500.
For a copy of Bernard Jasmin’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
Excessive trading often occurs when a Financial Advisor puts his or her interests ahead of the clients and makes transactions solely for the purpose of generating commissions. Financial Advisors have a regulatory duty to recommend suitable investment strategies. One of the components of the suitability analysis is quantitative suitability.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation. 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.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer 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. We can be reached at (800) 931-8452 or by email at email@example.com.