Former First Standard Financial Advisor, Debra Bourne, Has Five Customer Complaints, Alleging Unsuitable Investment Recommendations and Excessive Trading

• July 3, 2019
• First Standard Financial Company

Debra Bourne was a Financial Advisor at First Standard Financial Company LLC in Red Bank, NJ.  Debra Bourne has been in the securities industry since 1999 and previously worked at National Securities Corporation, Oppenheimer & Co., Janney Montgomery Scott, Morgan Stanley and First Union.   

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Debra Bourne has five customer complaints alleging the following sales practice violations:

• April 2019 – Two separate customer complaints alleging “SUITABILITY & EXCESSIVE TRADING.”  Both customers alleges $2,000,000 in damages, and the matters are currently pending.
• March 2019 – “SUITABILITY, EXCESSIVE TRADING, BREACH OF FIDUCIARY DUTY AND NEGLIGENCE.”  The customer alleges $300,000 in damages, and the matter is currently pending.
• February 2019 – “UNAUTHORIZED TRADING & SUITABILITY.”  The customer alleges $668,000 in damages, and the matter is currently pending.
• July 2015 – “BREACH OF FIDUCIARY DUTY, SUITABILITY, NEGLIGENCE, BREACH OF CONTRACT.”  The customer alleged $100,000 in damages, and the matter settled for $90,000. 

For a copy of Debra Bourne’s CRD, click https://brokercheck.finra.org/individual/summary/1352344.

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.