James Ahern of New York, New York, a stockbroker registered with Laidlaw Company (UK) Ltd., was the subject of a customer initiated investment related Financial Industry Regulatory Authority (FINRA) securities arbitration claim in which the customer was awarded $57,750.43 in compensatory damages because Ahern and Laidlaw Company (UK) Ltd. were held liable on the customer’s claims. These included that the securities broker was negligent, made misrepresentations, committed fraud, breached his fiduciary duty, charged excessive commissions, and caused a loss of investment opportunity when Ahern was associated with Laidlaw Company. FINRA Arbitration No. 20-00030 (March 31, 2023).
Public Disclosure also shows that on December 7, 2007, a customer initiated investment related FINRA securities arbitration claim involving Ahern’s conduct resulted in the customer being awarded $73,662.00 in compensatory damages because Ahern, National Financial Services LLC, and Casimir Capital LP, were held jointly liable on the customer’s claims which included that Ahern breached a contract, breached his fiduciary duties, and committed fraud. FINRA Arbitration No. 05-02643.
These accusations related to the trading of securities using margin debt as a means of stock speculation. The customers alleged that the stockbroker was primarily responsible for servicing their accounts, which they claimed were managed contrary to their conservative risk tolerance and objective of capital appreciation. They contended that the decline in their account value was due to high transactional costs, largely from commissions and margin costs, and not due to the market performance of the securities themselves.
Ahern has been associated with Laidlaw Company in New York, New York, since October 27, 2010.