JPMorgan Chase Bank Fires Robert Douglass
Robert Douglass (CRD #:4262487), a broker registered with Arkadios Capital, was fired by JPMorgan Chase Bank, according to his Brokercheck Record, accessed on February 15, 2022. He is also an investment advisor registered with Arkadios Wealth Advisors. Read on for more details regarding his termination.
Unauthorized Trading Allegations
On October 18, 2021, JPMorgan Chase Bank fired Robert Douglass after allegedly executing investment purchases without obtaining his customer’s permission. Unauthorized trading or unauthorized transactions occur when a broker executes securities transactions without written authorization from their client. Unless an account has been approved for discretionary trading, a broker must always have authorization from an investor before executing any trades.FINRA Rule 3260 requires that brokers only execute trades without authorization in discretionary accounts.
Making unauthorized trades in or facilitating unauthorized withdrawals from a customer’s account is a breach of the duty to observe high standards of commercial honor and just and equitable principles, in violation of FINRA Rule 2010.
Unauthorized Use of Customer Information
JPMorgan Chase Bank also alleged Robert Douglass obtained his customer’s online login information to confirm the customer’s account balances.
Under the SEC’s Regulation S-P, firms are mandated to enforce policies and procedures addressing customer information and records protection.
According to the allegations filed on May 14, 2021, Robert Douglass made an unsuitable investment recommendation. The investor is seeking $900,000一the case is still pending.
A financial advisor must consider the factors listed below when recommending investments to investors:
- The investor’s current financial state and tax status
- The investor’s financial goals
- The investor’s risk tolerance
According to FINRA Rule 2111, brokers may be liable for investor unsuitability claims if they failed to consider the factors listed above into account and recommend investments that were not suitable to the investor.
Ensure you are not being taken advantage of by contacting the securities attorneys at Kurta Law as soon as possible if you believe you lost funds due to unsuitable investment recommendations.
Robert Douglass has passed the following exams:
- Series 66 – Uniform Combined State Law Examination
- SIE – Securities Industry Essentials Examination
- Series 7 – General Securities Representative Examination
- Series 3 – National Commodity Futures Examination
Robert Douglass is a registered broker in nine states. He is also a registered investment advisor in Texas, Georgia, and Louisiana.
Robert Douglass has also worked with the following firms:
- P. Morgan Securities (CRD#:79)
- Credit Suisse Securities (USA) (CRD#:816)
- Goldman, Sachs & Co. (CRD#:361)
Kurta Law Can Help
If you lost money after working with Robert Douglass, don’t hesitate to contact us today at 877-600-0098 or email@example.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.