Joseph Morris Thurnherr of New York New York a stockbroker formerly registered with Wynston Hill Capital LLC has been barred from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that Thurnherr failed to furnish information to FINRA personnel when a customer’s complaint alleging Thurnherr’s misconduct was examined by the regulator. Letter of Acceptance Waiver and Consent No. 2019061944201 (Feb. 24, 2020).
According to the AWC, on February 3, 2020, a request had been made by FINRA personnel for Thurnherr to provide information and documentation in response to the allegations set forth by a customer who complained about him. The AWC stated that FINRA was contacted on February 4, 2020 by Thurnherr’s legal counsel who conveyed that Thurnherr did not plan to disclose what FINRA asked for. The stockbroker subsequently confirmed that he would produce nothing for FINRA in the investigation. FINRA determined that Thurnherr violated FINRA Rules 2010 and 8210.
FINRA Public Disclosure reveals that Thurnherr has been identified in seven customer initiated investment related disputes containing allegations of his misconduct while employed with National Securities Corp, First Standard Financial Company and Meyers Associates LP. On June 24, 2015, a customer filed an investment related arbitration claim involving Thurnherr’s conduct in which the customer requested $536,180.09 in damages. According to the claim, misrepresentations had been made to the customer in regard to investments.
The claim also alleged that contractual obligations and fiduciary duties owed to the customer were breached and that Thurnherr’s unsuitable and unauthorized equities transactions caused the customer to incur undue investment losses.
Thurnherr is the subject of another customer initiated investment related arbitration claim which settled for $14,249.00 in damages based upon allegations that the customer’s account was overconcentrated in speculative stocks and over the counter equities which failed to be suitable for the customer during the time that Thurnherr was associated with First Standard Financial Company. FINRA Arbitration No. 16-01460 (June 23, 2016).
On April 17, 2017, a customer filed an investment related arbitration claim involving Thurnherr’s conduct in which the customer requested $383,000.00 in damages for unwarranted investment losses. FINRA Arbitration No. 17-00884. According to the claim, over the counter equities trades effected in the customer’s account lacked the customer’s consent and failed to be suitable. The claim also alleged that the customer’s account was churned by the stockbroker.
On October 16, 2019, another customer initiated investment related arbitration claim involving Thurnherr’s conduct was settled for $50,000.00 in damages. FINRA Arbitration No. 19-00494.
According to the claim, fiduciary duties owed to the customer had been breached. Misrepresentations were allegedly made by the stockbroker about over the counter equities. The claim also alleged that Thurnherr’s trading was not appropriate for the customer’s situation.
Thurnherr’s registration with Wynston Hill Capital has been terminated as of June 20, 2019. Since January 18, 2011, he has been associated with three different securities broker dealers who are either defunct or have been expelled by securities regulators for violation of federal securities laws.