- January 6, 2023
- Maloney Securities
Juliann Smith (CRD#: 1338081) is a registered Broker at Moloney Securities Co., Inc. in Kansas City, MO.
She entered the securities industry in 1985 and previously worked for The O.N. Equity Sales Company; Vestax Securities Corporation; Walnut Street Securities, Inc.; Chubb Securities Corporation; New England Securities Corporation; and John Hancock Distributors, 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 October 2022, a customer dispute against Juliann Smith was denied. The allegation states, “Suitability/negligence. 2018-2020.” Damages of $320,000 were requested.
In addition, Juliann Smith has been the subject of two additional customer complaints, three tax liens and an employment disclosure, including the following:
- August 2022 — “Suitability/negligence. 2017.” Damages of $28,000 are requested. The customer dispute is pending.
- August 2022 — “Suitability/negligence. 2020.” Damages of $150,000 are requested. The customer dispute is pending.
- November 2019 — A tax judgment/lien in the amount of $82,015 was levied against Juliann Smith.
- January 2008 — A tax judgment/lien in the amount of $6,207 was levied against Juliann Smith.
- December 2007 — A tax judgment/lien in the amount of $133,126 was levied against Juliann Smith.
- May 2003 — “REPRESENTATIVE TERMINATED FOR ALLEGED COMPLIANCE INFRACTIONS DISCOVERED DURING AN AUDIT.ALLEGES THAT SEVERAL DOCUMENTS WERE DISCOVERED WHEREBY CLIENT SIGNATURES HAD BEEN OBTAINED, YET THE PAPERWORK HAD NOT BEEN COMPLETED IN ITS ENTIRETY. ALLEGES THAT THERE WERE INSTANCES DISCOVERED WHERE BUSINESS WAS NOT SUBMITTED IN A TIMELY MANNER.” Juliann Smith was discharged by O.N. Equity Sales Company.
For a copy of Juliann Smith’s FINRA BrokerCheck, click here.
We Help Investors Recover Investment Losses
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.
Reasonable basis suitability requires that a recommended investment or investment strategy be suitable or appropriate for at least some investors. Reasonable basis suitability requires an advisor to conduct adequate due diligence so that he or she can determine the risks and rewards of the investment or investment strategy.
Quantitative suitability requires a brokerage firm or financial advisor with actual or de facto control over a customer’s account to have a reasonable basis for believing that a series of recommended transactions – even if suitable when viewed in isolation – is not excessive and unsuitable for the customer when taken together in light of the customer’s investment profile. No single test defines excessive activity, but factors such as the turnover rate, the cost-equity ratio, and the use of in-and-out trading in a customer’s account may provide a basis for a finding that a member or associated person has violated the quantitative suitability obligation.
Customer-specific suitability requires that a member or associated person have a reasonable basis to believe that the recommendation is suitable for a particular customer based on that customer’s investment profile. Among the criteria that a financial advisor must evaluate to satisfy his or her customer-specific suitability obligations include the investor’s age, tax status, time horizon, liquidity needs, and risk tolerance; a client’s other investments, financial situation and needs, investment objectives, and any other information disclosed by the customer should also be considered.
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