Joshua David Arnold, of Edina, Minnesota, a stockbroker formerly registered with TradingBlock, has been named in a customer initiated investment related arbitration claim from September 12, 2016, in which the customer requested $250,000.00 in damages based upon allegations that Arnold breached his contractual and fiduciary duties to the customer, made unsuitable investment recommendations, and negligently handled the customer’s account. The customer additionally alleged that TradingBlock was liable for failing to supervise Arnold’s activities.
FINRA Public Disclosure reveals that Arnold has been previously exposed to nine customer arbitration incidents. Particularly, on October 1, 1997, a customer initiated investment related arbitration claim concerning Arnold’s conduct was settled for $10,000.00 in damages based upon allegations that Arnold effected unauthorized trades in the customer’s account, which caused the customer to sustain investment losses. On January 1, 1998, another customer initiated investment related arbitration action pertaining to Arnold’s activities was resolved for $10,000.00 in damages based upon allegations that Arnold effected unsuitable and unauthorized trades in the customer’s account.
Subsequently, on May 15, 1998, a customer initiated investment related arbitration claim regarding Arnold’s conduct was settled for $10,000.00 in damages based upon allegations that Arnold effected index fund trades in the customer’s account without authorization. On June 1, 1998, another customer initiated investment related arbitration claim regarding Arnold’s conduct was settled for $10,000.00 in damages based upon allegations that trades were placed by Arnold without the customer’s consent.
Further, on January 24, 2000, Arnold was fined $7,500.00 and suspended from associating with any National Association of Securities Dealers (NASD) member based upon consenting to findings that Arnold made unsuitable investment recommendations to customers regarding sales and purchases of securities. Letter of Acceptance, Waiver and Consent, No. C04000003 (Jan. 24, 2000). NASD found that Arnold’s conduct was violative of NASD Rules 2310 and 3110.
Subsequently, on November 26, 2001, a customer initiated investment related arbitration claim concerning Arnold’s activities was settled for $9,000.00 in damages based upon allegations that Arnold mismanaged the customer’s account. On September 27, 2004, another customer was granted $169,000.00 in damages according to a customer initiated investment related arbitration claim based upon allegations that Arnold effected trades in the customer’s account on an excessive and unauthorized basis.
Additionally, on July 16, 2010, a customer initiated investment related arbitration claim involving Arnold’s conduct was settled for $10,000.00 in damages based upon allegations that Arnold overcharged the customer in fees. On November 30, 2015, another customer initiated investment related arbitration action concerning Arnold’s activities was resolved for $37,500.00 in damages based upon allegations that the customer’s account was mishandled by Arnold, and Arnold’s conduct led the customer to suffer investment losses.
Guiliano Law Group
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