James Bernard Allegedly Engaged in Excessive Trading

James Bernard (CRD #: 2550802), a broker registered with Stifel, Nicolaus & Company, was involved in a recent dispute, according to his BrokerCheck record, accessed on July 10, 2022. If you have questions about James Bernard’s conduct as a broker, read on.

Investor Dispute

On May 16, 2017, multiple investors filed a dispute alleging that James Bernard engaged in excessive trading, resulting in losses during the period of May 2021 to March 2022. This dispute was denied by the firm.

However, investors should know that firms can deny disputes without an outside review. Investors may still be able to recoup their losses following a denial by pursuing FINRA arbitration.

FINRA Rule 2111

FINRA Rule 2111 requires brokers to evaluate whether an investment fits their investor’s financial goals. Brokers must use the information in an investor’s profile, such as their risk tolerance, tax status, and age, when making investment recommendations. 

Excessive trading, also known as churning, violates the requirement for quantitative suitability. In other words, it’s not enough for individual trades to be suitable, the number of trades executed in an account must also be suitable for the client’s financial goals.

Investors who believe their losses are the result of excessive trading may be able to recover their funds by pursuing FINRA arbitration.

Bankruptcy

James Bernard has a bankruptcy disclosure on his record from March 20, 2017.

Background Information

James Bernard has passed the following exams:

• Series 65 – Uniform Investment Adviser Law Examination
• Series 63 – Uniform Securities Agent State Law Examination
• SIE – Securities Industry Essentials Examination
• Series 7 – General Securities Representative Examination

James Bernard is a registered broker in 18 states and a registered investment adviser in New York.

He has also worked for the following firms:

• Ryan Beck & Company (CRD#:3248)
• Gruntal & Company (CRD#:372)
• Merrill Lynch, Pierce, Fenner & Smith (CRD#:7691)

Kurta Law Can Help

If you worked with James Bernard and you have concerns about your investments, please contact us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.

For over 20 years, Kurta Law has advocated on behalf of investors who want to recover their investment losses from brokers and brokerage firms. Kurta Law is a nationally recognized law firm and exclusively represents investors against brokers and brokerage firms on a contingency basis. This means that the firm only earns a fee if our securities attorneys recover money on your behalf.