INVESTOR WARNING—Eugene McAdans Has A Pending Customer Complaint Alleging Elder Financial Abuse And Fraud
The Wolper Law Firm is currently investigating claims against Eugene McAdams, a Financial Advisor at Joseph Stone Capital, LLC in Holbrook, NY. Eugene McAdams has been in the securities industry since 2000 and previously worked for three brokerage firms that have been expelled by the Financial Industry Regulatory Authority.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on June 5, 2018, a customer filed a complaint against Eugene McAdams, alleging that he engaged in “excessive and unnecessary trading on margin, elder abuse, false and misleading statements, negligent misrepresentation; breach of fiduciary duty.” Alleged damages are $150,000 and the matter remains pending.
Eugene McAdams has a second customer complaint from 2004 where the customer alleged “unauthorized transactions.” The matter was settled for $60,000.
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. In addition, Financial Advisors must first obtain authorization from their customers before placing trades in a customer account. 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 Eugene McAdams, 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. Simply put, he knows how the other side evaluates cases, which gives you a competitive advantage.
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