Shawn Evan Burns, of Farmingdale, New York, a stockbroker formerly registered with Salomon Whitney Financial, has been suspended from associating with any Financial Industry Regulatory Authority (FINRA) member in any capacity based upon consenting to findings that he failed to provide FINRA staff with information about his business activities. Case No. 2017053391601 (June 16, 2017).
FINRA Public Disclosure reveals that on November 1, 2016, a customer initiated investment related arbitration claim involving Burns’ conduct was settled for $15,000.00 in damages based upon allegations that while associated with Cape Securities and Salomon Whitney LLC, Burns made unsuitable investment recommendations to the customer, churned the customer’s equity holdings and utilized high pressure sales tactics to procure the customer’s business.
Moreover, on March 28, 2017, a customer filed an investment related arbitration claim regarding Burns’ activities, where the customer sought at least $50,000.00 in damages based upon allegations that Burns, while at Salomon Whitney Financial, placed equity trades in the customer’s account on an excessive and unsuitable basis.
Burns’ registration with Salomon Whitney Financial was terminated on May 6, 2016. Since October 1, 1999, he has been associated with ten different broker dealers, six of which have been expelled by securities regulators for violation of federal securities laws or are otherwise defunct. #cockroach
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