- August 15, 2018
- Breach of Fiduciary Duty
- O.N. Equity Sales
- Woodbury Financial Services
The Wolper Law Firm is currently investigating claims against John Maloney, a Financial Advisor at Woodbury Financial Services in Morristown, New Jersey. John Maloney has been in the securities industry since 1981 and previously worked at Edward Jones until 2016.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), on November 16, 2017, a customer filed a complaint against John Maloney, alleging “misrepresentation, suitability, breach of fiduciary duty…” The complaint remains pending.
In addition, over the last several years, several other customers have filed complaints against John Maloney, alleging sales practice violations, including the following:
- September 2017—Customer alleged “suitability of investment in first eye stock.” Alleged damages are $329,523 and the matter remains pending.
- August 2016—“Claimants allege Mr. Maloney’s recommendations to purchase individual equities were unsuitable.” The matter was settled for $132,500.
- July 2002—Customer alleged “the number of trades increased and she would not know transactions occurred until after receipt.” This is referred to as churning and unauthorized trading, two prohibited practices. The matter was settled for $150,000.
Lastly, in 2016, John Maloney was terminated by Edward Jones for failure to “adhere to the firm’s policy regarding suitability of recommendations.”
To review the entire disclosure history for John Maloney, click https://brokercheck.finra.org/individual/summary/726108#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 John Maloney and you experienced investment losses, please contact the Wolper Law Firm at 800.931.8452 or by email at email@example.com 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.