Coleman Joseph Devlin, of Baltimore, Maryland, a stockbroker formerly registered with Stifel, Nicolaus & Company Incorporated, was fired on June 28, 2016, based upon allegations that he effected unauthorized trades in customer’s investment accounts.
This is not the first time that Devlin has been fired for committing misconduct while associated with a broker. Financial Industry Regulatory Authority (FINRA) Public Disclosure confirms that on March 2, 2001, Devlin was terminated from previous broker, Morgan Stanley Dean Witter, resting on accusations that he effected trades on a discretionary basis; conduct violative of the firm’s policies.
Devlin has also been subject of twelve customer initiated investment related disputes pertaining to allegations of his wrongdoing while he was associated with Morgan Stanley Dean Witter Inc., Stifel, Nicolaus & Company Incorporated, and Dean Witter Reynolds Inc. Specifically, on November 24, 2003, a customer initiated investment related arbitration claim involving Devlin’s conduct was settled for $197,000.00 in damages based upon accusations including breach of contract, unauthorized trading, misrepresentation, suitability, and breach of fiduciary duty regarding options transactions. The customer additionally alleged that Morgan Stanley failed to supervise Devlin’s activities.
Thereafter, on November 13, 2015, a customer initiated investment related written complaint involving Devlin’s conduct was settled for $15,000.00 in damages built on accusations that Devlin churned the customer’s investment portfolio and effected trades without the customer’s consent. On February 8, 2016, another customer filed an investment related written complaint regarding Devlin’s activities, based upon accusations that Devlin aggressively handled the customer’s account and over-concentrated the customer’s assets. Subsequently, on October 19, 2016, a customer initiated investment related written complaint involving Devlin’s conduct was settled for $20,000.00 in damages supported by allegations that Devlin made unsuitable equity investment recommendations to the customer.
Further, on February 15, 2017, a customer initiated investment related arbitration claim regarding Devlin’s activities was resolved for $41,000.00 in damages based upon accusations that Devlin placed the customer’s assets in speculative and aggressive over-the-counter equities despite lacking the customer’s consent, overconcentrating the customer’s portfolio as a result. On August 8, 2017, another customer initiated investment related written complaint regarding Devlin’s activities was resolved for $32,500.00 in damages founded on allegations that Devlin effected over-the-counter equities trades that failed to conform with the customer’s objectives for investing and tolerance for risk.
Devlin then became subject of a customer initiated investment related arbitration claim that settled for $95,000.00 in damages on June 29, 2017, grounded on accusations that from September 12, 2013, to June 2, 2016, Devlin placed over-the-counter equities in the customer’s account that were neither authorized nor suitable for the customer.
Moreover, Devlin was fined $10,000.00 and suspended from associating with any National Association of Securities Dealers (NASD) member in any capacity based upon consenting to findings that he placed uncovered put option transactions in a customer’s account without regard to the customer’s suitability for investing. Letter of Acceptance, Waiver and Consent, No. C9A030042 (Dec. 15, 2003). According to the AWC, Devlin effected transactions that failed to align with the customer’s needs, objectives for investing, and financial circumstances. Devlin was additionally cited for exercising discretion in customer accounts without the firm’s or customer’s consent. Consequently, he was found by NASD to have violated Rules 2860, 2510, 2310 and 2110.
Following Devlin’s termination from Stifel, Nicolaus & Company, Inc., he became registered with IFS Securities from July 28, 2016, to February 13, 2017.
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