Nigel Ronald James of Mineola, New York, a stockbroker registered with Joseph Stone Capital LLC, has been fined $5,000.00 and suspended for six months from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity because James engaged in excessive trading and made unsuitable investment recommendations. Letter of Acceptance, Waiver, and Consent No. 2019063821608 (October 26, 2022).
According to the AWC, between January 2015 and March 2020, during the time that he was associated with Joseph Stone Capital, James engaged in excessive trading in four customers’ accounts. Customers’ accounts contained annual turnover rates ranging from six to fourteen and annualized cost-to-equity ratios ranging from 21 percent to 45 percent. James’ recommendations resulted in $52,000.00 in losses and $77,933.24 in fees and commissions. Therefore, James violated FINRA Rules 2010 and 2111.
FINRA Public Disclosure shows that James is referenced in six customer initiated investment related disputes concerning James’ conduct while associated with securities broker dealers, including J.P. Turner Company LLC and Joseph Stone Capital LLC. On May 2, 2008, a customer initiated investment related complaint involving James’ conduct was settled for $4,999.99 in damages based upon allegations that James engaged in the unauthorized trading of over-the-counter equities at J.P. Turner Company LLC.
On July 16, 2009, another customer filed an investment related complaint involving James’ conduct in which the customer requested $51,000.00 in damages based upon allegations that James engaged in the unauthorized trading of stocks when James was associated with J.P. Turner Company LLC.
James was also referenced in a complaint filed on January 29, 2013, in which the customer requested $395,000.00 in damages based upon allegations that James churned the customer’s account, was negligent, breached a contract, failed to follow instructions, inappropriately used margin, made unsuitable recommendations and misrepresentations of material fact to the J.P. Turner Company LLC customer.
On April 29, 2015, a FINRA securities arbitration claim involving James’ conduct was settled for $88,800.00 in damages based upon allegations that James made unsuitable recommendations, committed fraud, made misrepresentations of material fact, churned the customer’s account, was negligent, breached a contract, and breached his fiduciary duties in connection with the sale of over-the-counter equities during the time that James was associated with J.P. Turner Company LLC. FINRA Arbitration No. 14-00898.
James is also referenced in a complaint filed on March 18, 2022, in which the customer requested $55,000.00 in damages based upon allegations that James engaged in the unauthorized trading of over-the-counter equities when James was associated with Joseph Stone Capital LLC.
James has been associated with Joseph Stone Capital LLC in Mineola, NY, as a stockbroker since February 26, 2013, and has been associated with VCS Venture Securities in New York, NY, as a stockbroker since September 10, 2021.
