- September 26, 2018
- Broker Discipline
- Moors & Cabot
The Wolper Law Firm is currently investigating claims against Robert Clark, a former Financial Advisor at Moors & Cabot in Boston, Massachusetts. Robert Clark has been in the securities industry since the 1970s and previously worked for dozens of brokerage firms, including Morgan Stanley.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on July 19, 2018, Moors & Cabot discharged Robert Clark after it was alleged that he “violated firm policy by failing to obtain prior approval for an alleged loan the representative received from a customer.”
On September 21, 2018, FINRA sanctioned Robert Clark, barring him from associating with a brokerage firm. The sanction was based on the same allegedly unlawful conduct which gave rise to his termination. For a full copy of the FINRA sanction, click http://www.finra.org/sites/default/files/fda_documents/2018057361101%20Robert%20Todd%20Clark%20CRD%20810261%20AWC%20va%20.pdf
This is not the first time that Robert Clark has come under regulatory scrutiny. In 2013, he was denied registration in the state of Michigan for allegedly engaging in “dishonest or unethical practices.” He was also terminated by Morgan Stanley in 2013 over “concerns regarding use of discretion in multiple client accounts.” He has also been the subject of three customer complaints, alleging unauthorized trading and breach of fiduciary duty.
For a full copy of Robert Clark’s disclosure report, click https://brokercheck.finra.org/individual/summary/810261#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 Judith Villareal 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.