John Robert Openshaw, of Irvine, California, a stockbroker formerly registered with Newport Coast Securities, Inc., has been named in a customer initiated investment related written complaint on February 8, 2017, in which the customer requested $70,000.00 in damages based upon allegations that from 2014 to 2017, Openshaw churned the customer’s investment portfolio and effected mutual fund, stock and over-the-counter equity investments that were not suitable for the customer.
Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that Openshaw has been identified in nine more customer initiated investment related disputes concerning allegations of his improper conduct during the time he was employed with First Wall Street Corp. Specifically, a customer initiated investment related arbitration claim regarding Openshaw’s conduct was settled for $100,000.00 in damages founded on allegations of breach of contract, breach of fiduciary duty, and misrepresentation pertaining to stock transactions effected in the customer’s account. National Association of Securities Dealers (NASD) Arbitration No. 01-07089 (Dec. 30, 2002).
Then, a customer initiated investment related arbitration claim regarding Openshaw’s activities was resolved for $190,000.00 in damages based upon allegations of breach of contract and fiduciary obligations, and misrepresentations relating to the customer’s equity investments. NASD Arbitration No. 02-03268 (June 18, 2013).
Subsequently, a customer arbitration claim involving Openshaw’s conduct was settled for $56,000.00 in damages resting on allegations of suitability, conversion and fraud in reference to the customer’s equity investments. NASD Arbitration No. 02-04652 (Apr. 1, 2003). Another customer initiated investment related arbitration claim concerning Openshaw’s activities was resolved for $150,000.00 in damages based upon allegations including omissions and misrepresentations relating to the restricted stock of Telergy Inc. NASD Arbitration No. 03-02277 (Aug. 31, 2004).
Thereafter, a customer arbitration claim regarding Openshaw’s activities was resolved for $92,500.00 in damages supported by allegations that investments transacted in the customer’s account were not suitable; omissions and misrepresentations were made regarding restricted Telergy Inc. stock, fiduciary and contractual duties were breached; and that the customer was victim to fraud. NASD Arbitration No. 03097 (Sept. 13, 2004).
Openshaw’s registration with Newport Coast Securities, Inc. was terminated on August 8, 2016. He briefly associated with Port Securities, Inc. (July 27, 2016 to August 29, 2016), and Freedom Investors Corp. (Sept. 21, 2016 to July 13, 2017), before commencing employment with Lombard Securities Incorporated on July 13, 2017.
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