Robert Owen Klein of Newport Beach California a stockbroker formerly employed by J.P. Morgan Securities LLC is referenced in a customer initiated investment related arbitration claim where the customer sought $1,500,000.00 in damages supported by accusations that inappropriate securities transactions were executed in the customer’s managed account while Klein was employed by J.P. Morgan Securities LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01173 (Apr. 26, 2019).
FINRA Public Disclosure confirms that Klein has been identified in eleven more customer initiated investment related disputes which pertain to allegations of Klein’s violative conduct while employed with securities broker dealer J.P. Morgan Securities LLC. Particularly, a customer filed an investment related arbitration claim concerning Klein’s activities where the customer requested $525,000.00 in damages founded on accusations that fiduciary duties had been violated and the customer’s account was administered negligently given the short-selling, leverage and over-concentration of speculative assets in the customer’s managed account. FINRA Arbitration No. 14-00267 (Mar. 28, 2015).
Subsequently, a customer initiated investment related arbitration claim concerning Klein’s activities was resolved for $10,300.00 in damages based upon allegations that false or misleading statements had been made concerning the risks of the investment strategy implemented in the customer’s account; the customer’s account had been handled with poor care; contractual obligations were breached; and fiduciary duties owed to the customer were violated. FINRA Arbitration No. 14-02842 (Feb. 27, 2015).
Thereafter, Klein was subject of a customer initiated investment related arbitration claim where the customer was awarded $1,145,747.00 in damages based on J.P. Morgan Securities LLC being found liable on the customer’s claims of the violation of federal and state securities laws; failure to supervise; omissions and misrepresentation; breach of fiduciary duty; and breach of contract relating to unsuitable leveraged exchange traded funds and options trades placed in the customer’s account and the inappropriate trading of United States Treasuries. FINRA Arbitration No. 14-01142 (Oct. 23, 2015).
Moreover, a customer initiated investment related arbitration claim regarding Klein’s conduct was settled for $360,000.00 in damages supported by accusations of false or misleading statements being made to the customer concerning government debt investments; the failure to disclose important information about the investments; and the customer’s funds being allocated in investments that were unsuitable. FINRA Arbitration No. 14-03137 (Nov. 3, 2015).
Klein is also the subject of a customer initiated investment related arbitration claim which was resolved for $75,000.00 in damages founded on allegations of bad investments being placed in the customer’s investment account; misrepresentations being made concerning government debt investments; the customer’s investment account being administered in an improper fashion; and contractual and fiduciary obligations being breached. FINRA Arbitration No. 15-03257 (Nov. 8, 2016).
Klein’s employment with J.P. Morgan Securities LLC has been terminated as of February 1, 2019.
