James Arthur Allen (also known as Jim Allen), of Lake Forest, Illinois, a stockbroker registered with Sanctuary Securities, Inc. (FKA David A. Noyes Company), was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $95,000.00 in damages based upon allegations that Allen made unsuitable recommendations of alternative investments when Allen was associated with Sanctuary Securities (David A. Noyes Company). Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03510 (December 21, 2021).
This is not the first time that Allen has been referenced in a customer initiated investment related dispute concerning Allen’s conduct in the securities industry. FINRA Public Disclosure shows that Allen was also referenced in a customer initiated investment related complaint that was settled on August 22, 2018, for $73,000.00 in damages based upon allegations that Allen made unsuitable recommendations and omissions of material fact in connection with the sale of private placements when Allen was associated with Citigroup Global Markets Inc.
Allen was associated with Citigroup Global Markets Inc. in New York, New York, as a stockbroker from May of 2007 to April of 2017. On April 4, 2017, Citigroup Global Markets Inc. permitted Allen to resign when he was under investigation for potentially falsifying customer profiles and violating policies relating to customer communications. He was associated with Sanctuary Securities Inc. in Lake Forest, Illinois, as a stockbroker from May of 2017 to September of 2020.
Allen has been associated with Oppenheimer Co. Inc. in Chicago, Illinois, as a stockbroker since September 30, 2020, and has been associated with Oppenheimer Co. Inc. as an investment adviser representative since December 3, 2020.
