Robert Owen Klein of Newport Beach, California, a stockbroker registered with J.P. Morgan Securities LLC, was the subject of a customer initiated investment related FINRA securities arbitration claim that was settled for $300,000.00 in damages based upon allegations that Klein made unsuitable investment recommendations during the time that Klein was associated with J.P. Morgan Securities LLC. Financial Industry Regulatory Authority (FINRA) Arbitration No. 19-01173 (May 17, 2021).
FINRA Public Disclosure shows that Klein is referenced in eleven other customer initiated investment related disputes concerning Klein’s conduct while associated with securities broker dealers, including J.P. Morgan Securities LLC. On February 18, 2015, a FINRA securities arbitration claim involving Klein’s conduct was settled for $25,000.00 in damages based upon allegations that Klein breached his fiduciary duties, breached a contract, was negligent, inappropriately used margin, and made misrepresentations of material fact in connection with the recommendation and sale of government bonds to the J.P. Morgan Securities LLC customer. FINRA Arbitration No. 13-02592.
On February 27, 2015, a FINRA securities arbitration claim involving Klein’s conduct was settled for $10,300.00 in damages based upon allegations that Klein breached his fiduciary duties, breached a contract, was negligent, and made misrepresentations of material fact. FINRA Arbitration No. 14-02842.
Klein is also referenced in a FINRA securities arbitration claim that was settled for $525,000.00 in damages based upon allegations that Klein was negligent and breached a contract when Klein was associated with J.P. Morgan Securities LLC. FINRA Arbitration No. 14-00267 (March 28, 2015).
On October 23, 2015, another FINRA securities arbitration claim involving Klein’s conduct resulted in the customer being awarded $1,145,747.00 in compensatory damages because J.P. Morgan Securities LLC was held liable for sales practice violations. FINRA Arbitration No. 14-01142. The Statement of Claim alleged breach of fiduciary duty, breach of contract, and fraud in connection with the sale of treasuries, options, and leveraged ETFs.
Klein is also referenced in a FINRA securities arbitration claim that was settled for $75,000.00 in damages based upon allegations that Klein breached his fiduciary duties, breached a contract, was negligent, made misrepresentations of material fact, and made unsuitable recommendations of government bonds during the time that Klein was associated with Bear Stearns Co. Inc. FINRA Arbitration No. 15-03257 (November 8, 2016).
Klein was associated with J.P. Morgan Securities LLC in Newport Beach, CA, as a stockbroker from January of 1995 to February of 2019.
