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John Phillips is Involved in Two Investor Disputes Alleging Misrepresentation

John Phillips (CRD #:2796242), a broker formerly registered with Metlife Securities, is involved in two pending investor disputes, according to his BrokerCheck record accessed on February 3, 2022. 

Investor Allegations

According to the allegations filed on October 29, 2021, John Phillips made false statements and omitted known material facts to intentionally deceive his client to sell the shares he held in CB&B Inc.

John Phillips was involved in a similar dispute filed on October 4, 2021. According to the client, John Phillips recommended that he purchase private shares. The client further alleges he omitted material information & later offered to buy his shares from him after he had received inside information.

Also, while offering to buy the client’s shares, John Phillips reportedly omitted to tell the client that a private equity firm wanted to buy the company and that the client’s holdings would soon return large shareholder distributions, which he later missed out on by selling his shares.

John Phillips Allegedly Violated FINRA Rules 2020 and 2010

FINRA Rule 2020 prohibits brokerage firms and stockbrokers from making material misrepresentations or inducing people into buying investments with false statements about their potential benefits. 

FINRA Rule 2010 requires associated persons to observe high standards of commercial honor and just and equitable principles of trade. By omitting material facts to his client, John Phillips failed to observe high standards of commercial honor and just and equitable principles of trade thus violating FINRA Rule 2010.

Prior Investor Disputes

Between 2018 and 2020, John Phillips was involved in eight similar investor disputes alleging unfair and deceptive trade practices.

Six of these disputes alleged John Phillips’ recommended unsuitable private securities. Two disputes are still pending, while four disputes have since been settled, with investors receiving settlements of $440,000, $680,000, $200,000, and $1,190,000 each. 

Background Information

John Phillips 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
  • Series 6 – Investment Company Products/Variable Contracts Representative Examination

Besides Metlife Securities, John Phillips has also worked with the following firms:

  • Metropolitan Life Insurance Company (CRD#:4095)
  • Park Avenue Securities (CRD#:46173)
  • Guardian Investor Services Corporation (CRD#:6635)

Kurta Law Can Help

If you have worked with John Phillips and have concerns about your investments, don’t hesitate to contact us today at 877-600-0098 or 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 that exclusively represents investors against brokers and brokerage firms on a contingency basis. The firm only earns a fee if our securities attorneys recover money on your behalf.