- December 30, 2018
- Reid & Rudiger
The Wolper Law Firm is currently investigating claims against Elvis Parkes, a Financial Advisor at Reid & Rudiger in New York, NY. Elvis Parkes has been in the securities industry since the 1990s and previously worked at a number of small brokerage firms, including two that have been expelled from the industry by FINRA.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Elvis Parkes has had ten (10) customer complaints during his career, including two pending complaints, alleging sales practice violations. Among the complaints against Elvis Parkes include:
- September 2018—”third party complaint letter alleges excessive and reckless trading.” The matter remains pending.
- July 2018—”Customer alleges unsuitable recommendations.” Alleged damages are $78,000 and the matter remains pending.
- June 2016—”Client alleges unsuitable recommendations.” The matter was settled for $65,000.
- December 2006—Customer alleged “UNSUITABLE TRANSACTION.” The matter was settled for $118,000.
- September 2006—”CUSTOMER ALLEGES EXCESSIVE COMMISSION` CHARGES.” The matter was settled for $131,000.
In addition to the customer complaints, in 2008, Elvis Parkes was denied registration by the State of Illinois and, in 2007, he was terminated by First Republic Group for making unsuitable investment recommendations.
For a full copy of Elvis Parkes’ CRD, click https://brokercheck.finra.org/individual/summary/2358223#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 is interested in speaking with clients of Elvis Parkes as part of its investigation. We can be reached at 800.931.8452 or by email at firstname.lastname@example.org.
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.