Financial Advisor, John Howley, Has Seven Customer Complaints After Being Terminated By Park Avenue Securities
John Howley (CRD # 2229244) was a Financial Advisor at Park Avenue Securities in Rumson, NJ. John Howley has been in the securities industry since 1995 and previously worked at Guardian Investor Services Corp.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in October 2018, Park Avenue Securities “discharged” John Howley after it was determined that he “violated Firm’s rules by (i) failing to disclose private securities transactions and (ii) referring of clients to outside investments (i.e., not offered by Firm).”
After John Howley was terminated, seven customers have filed complaints against him for alleged sales practice misconduct. Among the complaints are the following:
- May 2019—”The Customer alleges a $250,000 loss of her investment in Global Credit Recovery, an alleged fraudulent investment scheme, recommended by the RR. The customer is also seeking reimbursement of premiums for one of her whole life insurance policies sold to her by the RR because she can no longer afford the policy after the investment loss.” Alleged damages are $351,000 and the matter remains pending.
- March 2019—”Plaintiff’s allege a $1 million loss of their investment in Global Credit Recovery, an alleged fraudulent investment scheme, recommended by the RR.” Alleged damages are $1 million and the matter remains pending.
- March 2019—”Claimant alleges he lost all of his retirement savings as a result of the RR’s recommendation to invest in a private equity venture, Global Credit Recovery, an alleged fraudulent investment scheme.” Alleged damages are $288,284 and the matter remains pending.
- November 2019—”The Customer alleges a $500,000 loss of their investment in Global Credit Recovery, an alleged fraudulent investment scheme, recommended by the RR as a way to afford a fixed life insurance policy sold to the customer. The Customer also claims the sale by the RR of the fixed life insurance policy was excessive and requested a $150,000 refund of their policy premiums.” The alleged damages are $650,000 and the matter remains pending.
- November 2018—”The Customers allege a $1 million loss of their investment in Global Credit Recovery, an alleged fraudulent investment scheme, recommended by the RR. The Customers requested a refund of their whole life insurance policy premiums sold to them by the RR due to the fact they can no longer afford the policies after the investment loss.” The alleged damages are $139,812 and the matter remains pending.
- November 2018—”Claimant alleges the RR violated his suitability obligation and was negligent in recommending a $2 million aggregate investment in a private equity venture, Global Credit Recovery, an alleged fraudulent investment scheme.” The alleged damages are $2.5 million and the matter remains pending.
For a copy of John Howley’s CRD, click https://brokercheck.finra.org/individual/summary/2229244#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 email@example.com.
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