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INVESTOR ALERT: Former Allied Millennial Partners Financial Advisor, James Eichner, Jr., Suspended And Fined By FINRA For Unauthorized Use Of Discretion In Customer Accounts

James B. Eichner, Jr. is a former Financial Advisor at Allied Millennial Partners in Garden City, NY.  James Eichner has been in the securities industry since 2000 and previously worked at Ladenburg Capital Management, Harrison Securities, Joseph Stevens & Company, S.W. Bach & Company and National Securities Corporation.

According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on April 5, 2019, James Eichner was sanctioned by FINRA, suspending him from associating with a brokerage firm for 45 days and fining him $10,000.    

According to the sanction entered into between James Eichner and FINRA, James Eichner allegedly violated FINRA Rules by “exercising discretion without written authorization in at least ten customer accounts during the period of May 2015 through April 2016 and by accepting instructions from an unauthorized third party to place a trade in a deceased customer’s account in March 2016.” 

For a copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2017053208001%20James%20B.%20Eichner%2C%20Jr.%20CRD%203221851%20AWC%20jm.pdf

James Eichner was “permitted to resign” from Allied Millennial Partners in connection with these allegations. 

In addition, James Eichner is the subject of six customer disputes alleging:

  • March 2018 – “Unauthorized Trading.”  That matter is currently pending.
  • April 2016 – “UNAUTHORIZED TRADING.”  That matter settled.
  • June 2015 – “NEGLIGENCE, BREACH OF FIDUCIARY DUTY.”  That matter settled for $125,000.
  • April 2010 – “EXCESSIVE TRADING.”  The case settled for $90,000.
  • December 2008 – “FAILURE TO FOLLOW INSTRUCTIONS.”  The matter settled for $35,000.

For a copy of James Eichner’s CRD, click https://brokercheck.finra.org/individual/summary/3221851#disclosuresSection.

It is required by FINRA rules and other governing regulations that Financial Advisors obtain authorization for all trades placed in non-discretionary accounts prior to executing those trades.  If a trade is unauthorized, the customer may be entitled to rescission of the trade, plus any damages caused or commissions charged. 

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.

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