Joseph Morris Thurnherr of Staten Island New York a stockbroker formerly registered with First Standard Financial Company LLC has been suspended on December 21, 2017 from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon accusations that he failed to cooperate with a FINRA settlement agreement or arbitration award or otherwise notify FINRA in regard to his compliance.
Particularly, a customer initiated investment related arbitration claim involving Thurnherr’s conduct was settled to resolve allegations of unsuitable equity transactions having been effected in the customer’s account causing the customer to sustain an $84,124.00 loss from February of 2015 to November of 2015. FINRA Arbitration No. 16-01460 (June 23, 2016). Thurnherr reportedly failed to comply with the resolution of that matter.
This is not the first time that Thurnherr has been sanctioned by a regulator for wrongful conduct. Particularly, Thurnherr’s application for employment with Spartan Capital Securities LLC has been denied by the Florida Office of Financial Regulation according to an Order containing findings that Thurnherr made a serious misstatement on his application to conduct business in the state. Case No. 86158-SR (Aug. 23, 2017).
FINRA Public Disclosure reveals that Thurnherr has been identified in five additional customer initiated investment related disputes that pertain to accusations of his misconduct while employed with National Securities Corp, First Standard Financial Company LLC, Legend Securities, Inc. and Meyers Associates LP. In particular, on April 1, 2013, a customer filed an investment related complaint concerning Thurnherr’s conduct alleging that margin was utilized to effect over-the-counter equity transactions without the customer’s consent.
Then, on November 12, 2013, a customer filed an investment related complaint involving Thurnherr’s conduct where the customer sought $27,000.00 in damages supported by allegations that misrepresentations had been made to the customer concerning over-the-counter equities transactions. On March 27, 2015, another customer filed an investment related complaint pertaining to Thurnherr’s activities in which the customer requested $89,268.00 in damages based upon accusations that the customer’s stock positions had been misrepresented.
Further, a customer filed an investment related arbitration claim that pertained to Thurnherr’s actions where the customer sought $536,180.09 in damages founded on allegations that Thurnherr made misrepresentations concerning investments, breached his contractual obligations to the customer, breached his fiduciary duties to the customer, negligently transacted in the customer’s account, placed unauthorized trades in the customer’s account, executed transactions in the customer’s account that were not appropriate for the customer and churned the customer’s equity portfolio. FINRA Arbitration No. 15-01143 (June 24, 2015).
Thereafter, a customer filed an investment related arbitration claim concerning Thurnherr’s conduct in which the customer requested $383,000.00 in damages supported by accusations of unauthorized trading, suitability, unpermitted margin use, and churning of the customer’s over-the-counter equities holdings between February of 2016 and November of 2016. FINRA Arbitration No. 17-00884 (Apr. 17, 2017).
Thurnherr’s registration with First Standard Financial Company was terminated on October 23, 2015. Between November 5, 2015 and January 17, 2017, Thurnherr was registered with Windsor Street Capital, LP. He has been registered with Spartan Capital Securities, LLC since January 18, 2017. Since January 15, 2009, Thurnherr has been associated with eight different broker dealers, two of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct.
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