James Allen, of Skokie, Illinois, a stockbroker formerly registered with Citigroup Global Markets Inc., was terminated from employment on April 4, 2017, based upon allegations that Allen’s conduct was violative of the firm’s policies as discovered via the firm’s investigation into his client communications and review of Allen’s misstatements of customer account information.
Financial Industry Regulatory Authority (FINRA) Public Disclosure reveals that Allen has been identified in seven customer initiated investment related disputes containing allegations of his misconduct while employed with Citigroup Global Markets Inc. and Citicorp Investment Services. Particularly, on November 5, 2008, two customer initiated investment related written complaints involving Allen’s conduct were settled for a total of $625,016.00 in damages based upon allegations that Allen made misrepresentations to the customers concerning auction rate securities.
On March 7, 2011, another customer initiated investment related arbitration claim regarding Allen’s activities was resolved for $25,000.00 in damages based upon allegations that Allen made misrepresentations and omitted information concerning the customer’s risk of investing in preferred stock, violated Securities and Exchange Act of 1934, negligently handled the customer’s investment portfolio, over-concentrated the customer’s holdings in unsuitable investments, breached his fiduciary duties and ultimately defrauded the customer.
Moreover, on April 4, 2017, a customer filed an investment related written complaint involving Allen’s conduct based upon allegations that he failed to apprise the customer regarding the liquidation and transfer of the customer’s assets, as well as the tax liability associated with the investment transactions.
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