SEC Files Action Against James Unger For, Among Other Things, Misappropriating Assets

• July 19, 2018
• Broker Discipline
• Financial American Securities
• Hennion and Walsh
• Sanction
• Selling Away
• Theft
• Unsuitability
• Unsuitable

The Wolper Law Firm is currently investigating claims against James Unger, a former Financial Advisor at Financial American Securities, Hennion and Walsh and Fintegra in various cities throughout Ohio.  James Unger first entered the securities industry in the 1990s.

According to publicly available records, on July 17, 2018, the Securities and Exchange Commission (SEC) institution an action against James Unger for violation of securities laws.  The SEC alleged, among other things, that James Unger engaged in the “misappropriation of $267,664 from a broker-dealer customer…”  The SEC barred James Unger from associating with a brokerage firm.

https://www.sec.gov/litigation/admin/2018/34-83652.pdf

Separately, James Unger has been the subject of 3 customer complaints and has several liens/judgments.  Among the allegations made by customers against James Unger are that he “engaged in selling away of a private placement” and sold “unsuitable” and “illiquid” securities.  James Unger also has several tax liens against him filed between 2007-2011.

https://brokercheck.finra.org/individual/summary/2492377

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 James Unger and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@67.43.6.64 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 lawyers 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.