Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) indicate that Nigel Ronald James (CRD # 4490687) was recently suspended from the securities industry by FINRA’s Department of Enforcement after an investigation into excessive trading (churning) in customer accounts.
The Law Office of Kevin J. Deloatch, Esq. is interested in speaking to investors who have complaints regarding Mr. James.
Registration Background for Nigel James
Mr. James first became registered in the securities industry in 2002. FINRA BrokerCheck indicates he is currently registered with Mineola, NY based Joseph Stone Capital L.L.C. (CRD # 159744) and VCS Venture Securities (CRD # 127921). His prior registrations include First Midwest Securities, Inc. (CRD # 21786) from October 2008 to February 2013, J.P. Turner & Company, L.L.C. (CRD # 43177) from October 2005 to October 2008 and Brundyn Securities, Inc. (CRD # 124493) from October 2004 to October 2005.
FINRA’s Allegations Against Nigel James
According to FINRA Letter of Acceptance, Waiver and Consent (AWC) dated October 26, 2022 (No. 2019063821608), Mr. James consented to, without either admitting to or denying, the following findings by FINRA’s Department of Enforcement:
- “Between January 2015 and March 2020, [Mr.] James excessively traded four customers’ accounts, in violation of FINRA Rules 2111 and 2010”;
- “The customers described above collectively had losses in their accounts of approximately $52,000 and paid $77,933.24 in commissions and fees based on the trades [Mr.] James recommended during the relevant period”;
- By virtue of his actions, Mr. James violated FINRA Rule 2111, regarding suitability and FINRA Rule 2010, regarding standards of commercial honor and principles of trade.
FINRA Sanctions Nigel James
As a result of such violations and in addition to the above-described findings and conclusions, FINRA’s October 26, 2022 AWC also indicates that Mr. James consented to the following sanction(s):
- A six-month suspension from associating with any FINRA Member in all capacities; and
- A fine in the amount of $5,000.00.
Nigel James Has A History of Securities Industry Customer Complaints
In addition to Nigel James being suspended by FINRA from the securities industry after an investigation into excessive trading (churning) in customer accounts, FINRA BrokerCheck for Mr. James reveals that he has a history of customer complaints and/or customer-initiated arbitrations, including but not necessarily limited to the following:
- On March 18, 2008, a customer initiated a complaint against Mr. James regarding alleged actions that occurred while he was associated with Joseph Stone Capital, LLC. The customer alleged unauthorized trading. The customer further alleged damages in the amount of $55,000.00. The complaint is currently pending.
- On April 23, 2014, a customer-initiated arbitration was filed naming Mr. James as a respondent, regarding alleged actions that occurred while he was associated with J.P. Turner & company LLC. The customer alleged unsuitability, fraud, misrepresentation, churning, negligence, breach of contract and breach of fiduciary duty. The customer further alleged damages in the amount of $150,000.00. On April 29, 2015, the arbitration was settled in the amount of $88,800.00.
- On March 31, 2008, a customer-initiated arbitration was filed naming Mr. James as a respondent, regarding alleged actions that occurred while he was associated with J.P. Turner & company LLC. The customer alleged unauthorized trading. The customer further alleged damages in the amount of $39,300.65. On May 2, 2008, the arbitration was settled in the amount of $4,999.99.
If you or someone you know has or had a brokerage account with Nigel Ronald James and have concerns regarding losses in your investments or possible sales practice violations including fraud, churning or unsuitability, you may be entitled to recover lost funds. The Law Office of Kevin J. Deloatch, Esq. has an extensive securities law practice and over 30 years of experience on Wall Street. Call today at (646) 792-2156 for a free consultation. The time to file your claim may be limited so you should call today to avoid delay.