James Aloysius Conwell II of Daphne Alabama a stockbroker formerly registered with WFG Investments Inc. is the subject of a customer initiated investment related arbitration claim in which the customer sought $155,000.00 in damages based upon allegations that (1) misrepresentations and omissions were made to the customer concerning private placement stocks and (2) no sufficient due diligence had been performed on the private placement stocks sold to the customer. Financial Industry Regulatory Authority (FINRA) Arbitration No. 16-03472 (Mar. 8, 2017).
FINRA Public Disclosure confirms that Conwell is referenced in three more customer initiated investment related disputes pertaining to accusations of his misconduct while employed with Compass Brokerage Inc. and WFG Investments Inc. Specifically, on March 13, 2008, a customer filed an investment related complaint involving Conwell’s activities where the customer requested $6,300.00 in damages supported by allegations that the customer was placed in a variable annuity that was unsuitable.
Subsequently, on April 21, 2008, a customer filed an investment related complaint regarding Conwell’s conduct in which the customer sought $67,000.00 damages founded on accusations that the customer had been misled by Conwell with respect to purchases of mutual funds made in the customer’s account; the customers’ investments were improperly managed; and the customer’s investment account was overconcentrated in investments which failed to conform to the customer’s risk tolerance or objectives for investing.
Moreover, a customer filed an investment related arbitration claim involving Conwell’s activities where the customer requested $75,000.00 in damages based upon allegations of misrepresentation, omissions, and lack of due diligence pertaining to the private placement stocks sold to the customer. FINRA Arbitration No. 16-03305 (Jan 25, 2017).
FINRA Public Disclosure further reveals that Conwell has been terminated from prior brokerage firm employer, Compass Brokerage Inc., supported by accusations that Conwell knew about, and had certified, documents containing a forged signature of the customer. Conwell has additionally been fined $5,000.00 and suspended from associating with any FINRA member in any capacity based upon consenting to findings that Conwell gained unauthorized access to a customer’s account to obtain information with respect to the customer’s annuity holdings; conduct violative of FINRA Rule 2010. Letter of Acceptance Waiver and Consent No. 2014039092101 (July 14, 2017).
