- October 13, 2022
- Morgan Stanley
Jimmy Yang Driggers (CRD#: 1359593) is a previously registered Broker and previously registered Investment Advisor.
He entered the securities industry in 1985 and previously worked for Morgan Stanley & Co.; UBS Financial Services, Inc.; Prudential Securities, Inc.; Everen Securities, Inc.; Cozad Investment Services, Inc.; Escalator Securities, Inc.; Investacorp, Inc.; and J.W. Grant & Associates, Inc.
Current And Past Allegations Of Conduct Leading To Investment Loss
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in April 2022, a customer dispute was filed against Jimmy Yang Driggers. The allegation states, “Claimants, who are grantors and beneficiaries of trust, alleged, inter alia, that FA, in concert with the Trustee, used funds from Liquidity Asset Lines set up without their knowledge to invest in an outside real estate investment owned by FA and his family- April 2008 to April 2022.” The customer dispute is pending, and $4M in damages are requested.
In addition, Jimmy Yang Driggers has been the subject of three customer complaints, including one that remains pending, including the following:
- August 2020 — “Claimant alleges, inter alia, unsuitability with respect to alternate investments – Aug, 2016 – Jul, 2020.” The customer dispute is pending. Damages of $200,000 are requested.
- November 2016 — “CLIENT ALLEGED, INTER ALIA, THAT CORPORATE BOND PURCHASES WERE UNSUITABLE. 2014-2016.” The customer dispute was denied.
- September 2010 — “JANUARY 28, 2008- SEPTEMBER 14, 2009. CLAIMANT ALLEGES THAT HIS FINANCIAL ADVISORS ASSURED HIM THAT HIS INVESTMENT IN LEHMAN BROTHERS STRUCTURED NOTES WOULD BE SAFE AND SECURE, AND FURTHER ALLEGES THAT THE LEHMAN BROTHERS STRUCTURED NOTES HE PURCHASED WERE MISREPRESENTED AND UNSUITABLE, AND THAT THE RISK OF LOSS OF PRINCIPAL WAS NOT PROPERLY DISCLOSED TO HIM.” The customer dispute was settled for $207,000.
For a copy of Jimmy Yang Driggers’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
The Financial Industry Regulatory Authority (FINRA) strictly prohibits financial advisors from “selling away” or selling securities and investments to clients that are not offered by the brokerage firm with which they are employed. For example, it is illegal and a violation of industry rules for a financial advisor to recommend or even suggest that a client invest in the financial advisor’s own business or a business operated by his or her friends or family. It is not necessary that the financial advisor earn any compensation for recommending an outside investment.
The purpose behind this prohibition is to ensure that a financial advisor only offers to sell securities that have been vetted by his or her employer brokerage firm through a rigorous due diligence process. Most brokerage firms have an approved list of investments, products, and research that can be provided or made available to clients. Any deviation by the financial advisor from the approved product list may constitute selling away.
The Wolper Law Firm, P.A. represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, P.A., 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 firstname.lastname@example.org.