- August 2, 2018
- Joseph Stone Capital
The Wolper Law Firm is currently investigating claims against Danard Brown, a Financial Advisor at Joseph Stone Capital, LLC in Holbrook, New York. Danard Brown has been in the securities industry since the 1990s and previously worked for three brokerage firms that have been expelled by the Financial Industry Regulatory Authority.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 27, 2017, a customer filed a complaint against Danard Brown for “misrepresentation unsuitable investments for senior investors.” The customer alleges damages of $286,167 and the matter remains pending.
Denard Brown has three additional customer complaints reported on his disclosure report, including the following:
- May 2006—“Client alleges unauthorized trades.” The matter was resolved for the entirety of the damages alleged.
- October 2004—“Client unhappy with account performance.” The matter was settled for $66,000.
- September 2012—“Customer alleges unauthorized margin trading and unsuitable investments.” The matter was settled for $125,000
In addition, Denard Brown has four (4) reported liens/judgments since 2007, which may be indicative of a Financial Advisor with financial problems.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. In addition, Financial Advisors must first obtain authorization from their customers before placing trades in a customer account. 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 Denard Brown, and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.