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Written by 4:21 pm Blog, Current Investigations

Eric Nichols Broker Investigation

Eric Nichols Broker Investigation, Featured by Top Securities Fraud Attorneys, The White Law Group

Eric Nichols, Morgan Stanley– Rolling Hills, CA

Are you concerned about your investments with Eric Nichols in Rolling Hills, CA? If so, the securities attorneys at The White Law Group may be able to help you by filing a FINRA Dispute Resolution claim.

According to the Financial Industry Regulatory Authority (FINRA), and to reports, the regulator has reportedly suspended Nichols for fifteen days and fined him $5,000. FINRA alleges that Nichols wrote checks to a customer totaling approximately $28,000 to settle the customer’s complaint away from his member firm and allegedly did not disclose to the firm that he had written the checks.

FINRA’s findings reportedly stated that Nichols allegedly recommended that the customer make investments in the preferred stock of one issuer. The customer also reportedly made additional unsolicited investments. The issuer had suspended its dividend payments, and the customer had reportedly incurred significant unrealized losses in the security.

According to the Letter of Acceptance, Waiver & Consent, the customer allegedly complained to Nichols, both verbally and in writing, about the unrealized losses that he had reportedly incurred and the fact that the dividend payments had been suspended.

According to disclosures on his FINRA BrokerCheck record, Nichols was reportedly a registered representative with Morgan Stanley from June 2009 until December 2019 when he was allegedly discharged for “Allegations that the representative may have executed some transactions for non-discretionary client accounts without confirming the transactions directly beforehand in all cases and that the representative reimbursed one client directly for an account-related issue.”

Nichols reportedly has three customer disputes filed against him since 2017 for allegations of unauthorized trades and unsuitable trades, according to his broker record.

Securities Fraud Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that his former employers may have for failure to properly supervise Nichols.

When brokers violate securities laws, such making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration.

Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.

The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.

We represent investors in FINRA arbitration claims in all 50 states, including Californina. Our attorneys have recovered millions of dollars from many brokerage firms in the past.

If you have suffered losses investing with Eric Nichols, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.

For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com.

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Tags: , , , , , , , , , Last modified: August 7, 2019