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Maine Suspended John Duffy’s Investment Adviser License

Dec 20, 2021 Regulatory Action

John Duffy (CRD #: 2715123), a broker formerly registered with Purshe Kaplan Sterling Investments, Investment Adviser Representative License, was suspended for 30 Days by the state of Maine according to his BrokerCheck Record accessed on November 24, 2021. Keep reading for more details regarding his suspension. 

Maine Suspension 

On August 10, 2021, John Duffy consented to the findings that he: 

  1. Impersonated a member of his former firm, Cribstone Capital Management, during recorded telephone calls with Customer Service Representatives ("CSR") of Charles Schwab twice. 
  2. Provided misleading information to the office of securities when he misrepresented to the office the number of times he impersonated the other licensed individual at his former firm, and the nature and extent of his participation on a recorded telephone call, which had the effect of minimizing his wrongful conduct 
  3. Acted as an unlicensed investment adviser representative and instructed Schwab to liquidate specific client securities.  

Sanctions 

John Duffy consented to the following sanctions: 

  1. Suspension of his investment adviser representative license for 30 Days.  
  2. Civil fine of $20,000 
  3. Monetary penalty of $164.45 
  4. Two years of heightened supervision 

Heightened supervision means a supervisor will have to review John Duffy’s transactions and recommendations on a regular basis.  

Background Information 

John Duffy has passed the following exams: 

  • Series 66 - Uniform Combined State Law Examination 
  • Series 63 - Uniform Securities Agent State Law Examination 
  • SIE - Securities Industry Essentials Examination 
  • Series 7 - General Securities Representative Examination 
  • Series 6 - Investment Company Products/Variable Contracts Representative Examination 

John Duffy has also worked with the following firms: 

  • Purshe Kaplan Sterling Investments (CRD #: 35747)  
  • LPL Financial (CRD#:6413) 
  • Wachovia Securities (CRD#:19616) 
  • A. G. Edwards & Sons (CRD#:4) 
  • MFS Fund Distributors (CRD#:31052) 
  • State Street Research Investment Services (CRD#:17580) 

Kurta Law Can Help  

If you have been victimized by John Duffy as a broker, don't hesitate to get in touch with us today at 877-600-0098 or info@kurtalawfirm.com for a free consultation.  

For nearly 20 years, Kurta Law has advocated for investors 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.