Securities Arbitration

James Arthur Allen (also known as Jim Allen) of Chicago Illinois a stockbroker formerly registered with David A. Noyes is referenced in a customer initiated investment related FINRA securities arbitration claim where the customer requested $160,000.00 in damages based upon allegations that the customer had been sold an unsuitable alternative investment by Allen through David A. Noyes. Financial Industry Regulatory Authority (FINRA) Arbitration No. 20-03510 (Oct. 13, 2020).

FINRA Public Disclosure also reveals that on August 22, 2018, a customer initiated investment related complaint regarding Allen’s conduct was settled for $73,000.00 in damages founded on accusations of Allen giving the customer bad advice about a private placement that had failed and resulted in losses to the customer. According to the complaint, the customer’s assets had been overconcentrated in the alternative investment when the customer had limited resources. The claim alleges that investment risks were not disclosed by Allen.

FINRA Public Disclosure additionally confirms that Allen was terminated by prior securities broker dealer Citigroup Global Markets supported by allegations that Allen failed to comply with policies relating to customer communication. The securities broker dealer also alleged that Allen made false customer account profiles.

Allen was registered with Sanctuary Securities Inc. and Sanctuary Advisors LLC between May 26, 2017 and September 30, 2020. Allen has been registered as a stockbroker of Oppenheimer Co. Inc. since September 30, 2020, and registered as an investment adviser representative of Oppenheimer since December 3, 2020.