- June 20, 2018
- Breach of Fiduciary Duty
- Broker Discipline
- Excessive Trading/Churning
- Exchange Trade Funds
- Misrepresentation
- Salomon Whitney Financial
- Unauthorized Trading
- Unsuitability
The Wolper Law Firm is currently investigating claims against Douglas Leone, A former Financial Advisor at Salomon Whitney Financial in Melville, NY. Douglas Leone’s previous associations include Newport Coast Securities and Basic Investors, Inc.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), Douglas Leone has been the subject of eight (8) customer complaints. This is an exceedingly high number of customer complaints against a single financial advisor in a short period of time. The allegations made in the customer complaints include unauthorized trading, unsuitability, churning, breach of contract, negligence, breach of fiduciary duty and misrepresenting or omitting material facts regarding the purchase and sale of securities.
Separately, in 2017, FINRA initiated an investigation against Douglas Leone for his sales practices. This investigation culminated in a January 2018 censure barring Douglas Leone from associating with any FINRA member brokerage firm. The allegations made by FINRA against Douglas Leone included that he excessively traded accounts and recommended investing in inverse and leveraged exchange traded funds (ETFs), and inaccurately characterized trades as unsolicited (i.e., initiated by the customer) when in fact they were recommended by Douglas Leone.
If you or someone you know was a customer of Douglas Leone and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at mwolper@wolperlawfirm.com to discuss your specific situation and the legal options available. The Wolper Law Firm represents investors nationwide in securities litigation and arbitration.
Attorney Matthew Wolper
Matt Wolper is a trial lawyer who focuses exclusively on securities litigation and arbitration. Mr. Wolper has handled hundreds of securities matters nationwide before the Financial Industry Regulatory Authority (FINRA), American Arbitration Association (“AAA”), JAMS, and in state and federal court. Mr. Wolper has handled and tried cases involving complex financial products and strategies ranging from traditional stocks and bonds to options, margin and other securities-based lending products, closed/open-end mutual funds, structured products, hedge funds, and penny stocks. [Attorney Bio]