Written by The White Law Group• November 25, 2019• 2:09 pm• Blog, Current Investigations

James J. Kearney Broker Investigation

Financial Advisor James J. Kearney, Raymond James in Houston, Texas

Are you concerned about investments with James J. Kearney in Houston, Texas? 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 on November 14, the regulator has reportedly suspended and fined financial advisor James J. Kearney after he allegedly exercised discretion by purportedly placing trades in customers’ accounts without written authorization from the customers and without acceptance of the accounts as discretionary by his member firm, Raymond James.

FINRA’s findings reportedly stated that although Kearney discussed investment strategies with the customers regularly, he purportedly did not speak with the customers about the specific trades on the dates of the transactions.

The findings also stated that Kearney allegedly mismarked some of the orders for the trades as unsolicited and reportedly marked none of them as discretionary.

According to his FINRA BrokerCheck report, Kearney was reportedly affiliated with Raymond James in Houston, Texas from 2013 until 2018, when he was reportedly dismissed after “Customer alleged that FA was using discretion when purchasing stocks.” Prior to that, he was reportedly registered with Morgan Keegan & Company for ten years. His broker report indicates there have been 4 customer complaints filed against him. Allegations include misrepresentation, suitability, excessive and unauthorized trades, among others.

Investigating Potential Lawsuits

The White Law Group is investigating potential lawsuits regarding the liability that Kearney’s employers may have for failure to properly supervise him.

When brokers violate securities laws, such as making unauthorized transactions, 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 Texas. Our attorneys have recovered millions of dollars from many brokerage firms in the past.