James Christopher Hayne, a stockbroker formerly registered with Cetera Advisors LLC, has been named in a customer initiated investment related arbitration claim on December 13, 2016, in which the customer requested $500,000.00 in damages based upon allegations that Hayne Hayne breached his fiduciary duties, effected stock trades on an excessive basis, failed to diversify the customer’s holdings, effected unsuitable transactions in the customer’s account, and committed fraud pertaining to investment and insurance products.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Hayne has been named in seven additional customer initiated investment related disputes containing allegations of Hayne’s misconduct while employed with First Allied Securities, Inc., Edward Jones, Morgan Stanley DW Inc., Cetera Advisors LLC, and Questar Capital Corporation. Specifically, on October 29, 2015, a customer filed an investment related arbitration claim regarding Hayne’s activities in which the customer requested $750,000.00 in damages based upon allegations that Hayne breached his contractual duties, negligently handled the customer’s investment portfolio, and effected unsuitable and excessive securities transactions in the customer’s account. The customer additionally alleged that First Allied Securities, Inc. failed to supervise Hayne’s activities.
Subsequently, on June 1, 2016, a customer initiated investment related arbitration claim involving Hayne’s conduct was settled for $10,000.00 in damages based upon allegations that Hayne violated FINRA and NYSE rules, made misrepresentations to the customer, breached his contractual and fiduciary duties, failed to abide by the customer’s investment instructions, and defrauded the customer in reference to over-the-counter equity transactions. Moreover, the customer alleged that Questar Capital Corporation was negligent in hiring Hayne, and failed to supervise Hayne’s activities pertaining to the customer.
Guiliano Law Group
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