- October 6, 2018
- Breach of Fiduciary Duty
- Cetera Advisors LLC
- Investors Capital Corp
The Wolper Law Firm is currently investigating claims against Nina Jessee, a former Financial Advisor at Investors Capital Corp and Cetera Advisors in Abingdon, Virginia. Nina Jessee has been in the securities industry since the 1980s.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 10, 2017, Nina Jessee was terminated for failing to disclose an outside business activity. FINRA rules require brokers to disclose their business and securities activities away from the firm so that the firm can either approve or disapprove of said activity. The reason the rule is in place is to prevent brokers from “selling away” or offering securities and investment products to clients that have not first been approved by their employer. Often times, brokers have side businesses and earn extra money by referring brokerage firm clients to invest. This is a violation of industry rules and may render the brokerage firm responsible for investment losses incurred by the customer.
In addition, Nina Jessee has a long history of customer complaints. Prior to her termination in 2017, she had twelve (12) customer complaints. An additional ten (10) customer complaints have been filed since her termination, including the following:
• June 2018—”Clients expressed concern over investments made between 2012-2015 through RR at a prior BD, believing they will sell at a discounted price. The allegations were vague but contained allusions to unsuitability. Alleged damages unspecified.”
• April 2018—”Suitability of investments.” Alleged damages are unspecified.
• March 2018—”Suitability of certain investments. Alleged damages are $400,000.”
• February 2018—”Suitability and alleged losses associated with certain investments.” Alleged damages are $400,000.
• January 2018—”Claimants’ allege that the RR misrepresented investments made in 2007 and 2010, over-concentrating them in unsuitable investments.” Alleged damages are $373,000.
Prior to her termination, Investors Capital Corp settled several other customer complaints filed against Nina Jessee for sales practice violations, including breach of fiduciary duty, unsuitable investment recommendations and misrepresentation. Many of these cases resulted in six figure settlements to the customer.
For a full copy of Nina Jessie’s FINRA disclosure report, click https://brokercheck.finra.org/individual/summary/1484808#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.
If you or someone you know was a customer of Nina Jessee and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at firstname.lastname@example.org to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
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.