Shawn E. Burns, of Farmingdale, New York, a stockbroker formerly associated with Salomon Whitney Financial, has been named in a customer initiated investment related arbitration claim on August 26, 2016, in which the customer requested $177,000.00 in damages based upon allegations against Burns including negligence, fraud, breach of fiduciary duty, churning, and unauthorized trading.
FINRA Public Disclosure reveals that Burns has been subject to twenty-eight events concerning misconduct. Particularly, on October 28, 2014, a customer filed an investment related arbitration claim involving Burns’ conduct, in which the customer requested $130,000.00 in damages based upon allegations that Burns churned the customer’s investment account, utilized high pressure sales tactics, and effected trades in the customer’s account which were not suitable.
On January 16, 2015, another customer filed an investment related arbitration claim involving Burns’ conduct, in which the customer requested $75,000.00 in damages based upon allegations Burns utilized high pressure sales tactics on the customer, causing the customer to purchase equities which resulted in losses.
Further, on March 29, 2016, a customer filed an investment related arbitration claim involving Burns’ actions, in which the customer requested $400,000.00 in damages based upon allegations that Burns churned the customer’s account, effected unsuitable transactions, negligently handled the customer’s assets, and breached his fiduciary duty to the customer. On May 4, 2016, Burns became subject to another customer initiated investment related arbitration claim, in which the customer requested $135,000.00 in damages based upon allegations that Burns breached his fiduciary and contractual duties, and effected transactions in the customer’s account which were unsuitable.
Additionally, on May 27, 2016, Burns became subject to an investment related arbitration claim, in which the customer requested $50,000.00 in damages based upon allegations that Burns breached his contractual and fiduciary duties, committed negligence, and effected unsuitable transactions in the customer’s account. On August 25, 2016, another customer filed an investment related arbitration claim involving Burns’ conduct, in which the customer requested $50,000.00 in damages based upon allegations of negligence, and breach of fiduciary duties and contractual obligations.
On May 6, 2016, Burns was terminated from Salomon Whitney Financial based upon allegations that Burns was subject to customer arbitrations in which he refused to hold the firm harmless for, and for Burns’ failure to notify the firm concerning his compliance status with Financial Industry Regulatory Authority investigatory requests.
Since 1999, Burns has been associated with eight different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #roguebroker
Guiliano Law Group
Our practice is limited to the representation of investors. We accept representation on a contingent fee basis, meaning there is no cost to you unless we make a recovery for you. There is never any charge for a consultation or an evaluation of your claim. For more information, contact us at (877) SEC-ATTY.
