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Financial advisor Donald Logan customer complaints

Former Waddell & Reed Broker, Donald Logan, Suspended Eighteen Months By FINRA Over Allegations He Exercised Discretionary Trading Authority Without Authorization

Donald Logan (CRD # 5537486) was a Financial Advisor at Waddell & Reed in Silverdale, WA. Donald Logan has been in the securities industry since since 2008 and previously worked at Edward Jones. According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in February 2019, FINRA sanctioned Donald Logan, suspending him for a period of eighteen months and fining him $25,000. The FINRA sanction was based on allegations that Donald Logan “exercised discretionary trading authority in customer accounts without obtaining prior written authorization from his customers or prior written approval from his member firms.” The findings also stated that “Logan caused customers to sign blank or incomplete account-related forms, intending to later use them in connection with customer transactions.” For a copy of the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2015046378601%20Donald%20Logan%20CRD%205537486%20AWC%20sl%20%282019-1563504563623%29.pdf. Donald Logan was discharged from Waddell & Reed in connection with these allegations. In addition to the FINRA sanction, Donald Logan has five customer complaints disclosed on his CRD, including the following: • December 2019 – “ATTORNEY FOR CLIENT ALLEGES RR PROVIDED UNSUITABLE INVESTMENT RECOMMENDATIONS RELATED TO THE PURCHASE OF A VUL POLICY IN JUNE 2018.” That matter is currently pending. • April 2019 – “CLIENT ALLEGES THAT THE RECOMMENDATION BY HER RR TO PURCHASE A LONG TERM CARE POLICY IN 2017 WAS NOT SOUND ADVICE AND, WITHDRAWING THE FUNDS FROM HER IRA TO PAY THE INITIAL PREMIUM ON THE POLICY CAUSED HER TO PAY UNEXPECTED, ADDITIONAL INCOME AND PROPERTY TAXES FOR THE YEAR.” The matter settled. • July 2015 – “Client alleges the financial advisor informed him the returns from investments would pay the premiums for an AG Secure Survivor GUL II policy purchased in May 2015. Client requests that the policy be canceled and the premiums returned.” The matter settled. For a copy of Donald Logan’s CRD, click https://brokercheck.finra.org/individual/summary/5537486#disclosuresSection. 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 mwolper@wolperlawfirm.com.

Financial Advisor, Donald Logan, Sanctioned By FINRA For Allegedly Engaging In Unauthorized Trading

The Wolper Law Firm is currently investigating claims against Donald Logan, a former Financial Advisor at Waddell & Reed in Silverdale, Washington.  Donald Logan has been in the securities industry since 2008 and previously worked for Edward Jones.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on February 5, 2019, FINRA sanctiond Donald Logan, suspending him for 18 months and fining him for allegedly engaging in unauthorized trading:

“Without admitting or denying the findings, Logan consented to the sanctions and to the entry of findings that he exercised discretionary trading authority in customer accounts without obtaining prior written authorization from his customers or prior written approval from his member firms. The findings stated that Logan executed unauthorized transactions in customer accounts without their knowledge or consent. The findings also stated that Logan caused customers to sign blank or incomplete account-related forms, intending to later use them in connection with customer transactions. The findings also included that Logan willfully failed to timely amend his Form U4 to disclose civil judgments and a compromise with a creditor and never disclosed one judgment.”

For a copy of the the FINRA sanction, click https://www.finra.org/sites/default/files/fda_documents/2015046378601%20Donald%20Logan%20CRD%205537486%20AWC%20sl.pdf

In addition, in September 2018, Waddell & Reid terminated Donal Logan for
“POSSESSION OF MULTIPLE BLANK CLIENT-SIGNED FORMS AND ALTERED CLIENT-SIGNED DOCUMENTS, IN VIOLATION OF THE FIRM’S POLICIES.”

This is the second time Donald Logan was terminated by a brokerage firm.  In 2015, he was terminated by Edward Jones for taking discretion in a customer’s account. 

For a copy of the Donald Logan’s CRD, click https://brokercheck.finra.org/individual/summary/5537486#disclosuresSection

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.  

It is required by FINRA rules and other governing regulations that Financial Advisors obtain authorization for all trades placed in non-discretionary accounts prior to executing those trades.  If a trade is unauthorized, the customer may be entitled to rescission of the trade, plus any damages caused or commissions charged. 

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 mwolper@wolperlawfirm.com.

Financial Advisor, Donald Logan, Suspended By FINRA For 18 Months For Allegedly Engaging In Unauthorized Trading

The Wolper Law Firm is currently investigating claims against Donald Logan, a former Financial Adviser at Waddell & Reed in Silverdale, Washington.  Donald Logan has been in the securities industry since 2008 and previously worked at Edward Jones.   

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on January 11, 2019, FINRA sanctioned Donald Logan, suspending him from associating with any member brokerage firm for 18 months.  The basis for the sanction was that Donald Logan was allegedly engaging in unauthorized trading in customer accounts.  To review a copy of the sanction, click http://www.finra.org/sites/default/files/fda_documents/2015046378601%20Donald%20Logan%20CRD%205537486%20AWC%20va%20.pdf

In addition, Donald Logan was previously terminated by Edward Jones for “
VIOLATED FIRM’S POLICY REGARDING DISCRETIONARY ORDERS.”   For a full copy of Donald Logan’s CRD and disclosure history, click https://brokercheck.finra.org/individual/summary/5537486#disclosuresSection

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.  

In addition, every transaction must be authorized by the customer prior to execution.  The Financial Advisor must not only get authorization for the trade, but also the price and date on which the trade will occur.  Financial Advisors who engage in unauthorized trading, or exercise time and price discretion, often do so in order to generate commissions.  This type of conduct violates FINRA rules and internal compliance rules of their brokerage firm. 

The Wolper Law Firm is interested in speaking with clients of Donald Logan as part of its investigation.  We can be reached at 800.931.8452 or by email at mwolper@wolperlawfirm.com.  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. 

Attorney Matthew Wolper

Attorney Matthew WolperMatt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]