Stuart L. Pearl of Indianapolis Indiana a stockbroker formerly registered with David A. Noyes Company is the subject of a customer initiated investment related written complaint on May 18, 2020 in which the customer requested $2,088,124.00 in damages based upon allegations of a margin trading account being created by the stockbroker without the customer’s knowledge or consent.
Pearl has been identified in four additional customer initiated investment related disputes concerning accusations of his misconduct during the time that he was employed by Salomon Smith Barney, Merrill Lynch, Ameriprise Financial Services and David A. Noyes. FINRA Public Disclosure reveals that a customer initiated investment related arbitration claim involving Pearl’s conduct was settled for $350,000.00 in damages founded on allegations of bad over-the-counter equities transactions being effected in the Merrill Lynch customer’s account given the risks pertaining to those investments. The claim also alleges that a contract between the customer and the securities broker dealer had been violated and that a fiduciary duty which was owed to the customer had been breached during the period that Pearl was associated with Salomon Smith Barney.
Another customer initiated investment related complaint involving Pearl’s activities was resolved for $55,000.00 in damages supported by accusations of inappropriate margin use and unauthorized stock trades by Pearl when he was employed by Ameriprise Financial Services. Pearl is also referenced in a customer initiated investment related arbitration claim which was settled for $95,000.00 in damages based upon allegations that the Morgan Stanley customer was provided with unsuitable investment recommendations. The claim alleges that the customer’s account was heavily margined and excessively traded. According to the claim, trades were also executed by Pearl on a discretionary basis without written authorization by the customer.
On July 1, 2019, a customer initiated investment complaint involving Pearl’s misconduct was resolved for $42,500.00 in damages founded on accusations that the stockbroker placed a hedge fund in the customer’s David A. Noyes account without the customer’s consent. The claim alleges that the customer sustained losses on exchange traded funds.
Pearl has been fined $7,500.00 and suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity supported by findings that he initiated trades without authorization from an elderly Ameriprise Financial Services customer and had provided bad advice to customers concerning his use of margin. Letter of Acceptance Waiver and Consent No. 2015046329201 (Oct. 9, 2017). Pearl violated FINRA Rules 2010 as well as NASD Rules 2310(a) and 2510(b).
On March 7, 2019, Pearl was terminated by David A. Noyes based upon allegations of his failure to comply with the terms of a heightened supervision arrangement.
