James Arthur Allen (also known as Jim Allen), of Lake Forest, Illinois, a stockbroker registered with Sanctuary Securities Inc., 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 during the time that Allen was associated with Sanctuary Securities Inc. 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, overconcentrated accounts in certain investments, and made omissions of material fact in connection with the sale of private placements during the time that Allen was associated with Citigroup Global Markets Inc.
On April 4, 2017, Citigroup Global Markets Inc. permitted Allen to resign when he was investigated for violating policies of the firm relating to communications with customers and false customer profiles.