• July 9, 2018
• First Standard Financial Company
• Breach of Fiduciary Duty
• Excessive Trading/Churning
• Unsuitability
• Unsuitable

The Wolper Law Firm, P.A. is currently investigating claims against Levert Caldwell, a Financial Advisor at First Standard Financial Co. in Red Bank, New Jersey.  Levert Caldwell first entered the securities industry in the 1990s and previously worked for National Securities Corp., Brookstone Securities, and Newbridge Securities.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), three customers have filed complaints against Levert Caldwell since 2014.

• September 2016—Client alleges “churning, unsuitability, breach of fiduciary duty.” The matter was settled for $122,000.
• January 2015—Client alleges “suitability.” The matter was settled for $250,000.
• December 2014—Client alleges “unsuitability, breach of fiduciary duty.” The matter was settled for $325,000.

https://brokercheck.finra.org/individual/summary/4302934

In addition, in 2016, Levert Caldwell was accused of larceny  and violating the New Jersey motor vehicle financial security laws for alleged repeated “EZ Pass toll violation[s].”

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, unauthorized trading is a serious allegation based upon a belief that the customer did not approve the purchase or sale of a security prior to execution of the trade.  Financial Advisors who engage in unauthorized trading often do so to increase commissions earned from their clients’ accounts.

If you or someone you know was a customer of Levert Caldwell, and you experienced investment losses, please contact the Wolper Law Firm, P.A. at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available.  The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration.

Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., is a trial lawyers 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.  His industry insight, experience and knowledge gives his clients a competitive advantage.