There are options for clients of former First Republic Securities Company, LLC broker Sam Schoner (CRD# 1928356), who is accused of unsuitable investment recommendations related to elderly clients. He has been registered with J.P. Morgan Securities LLC in San Francisco, California, since 2023, and with J.P. Morgan Private Wealth Advisors LLC in San Francisco, California, since 2010. Previously, he was registered with First Republic Securities Company, LLC in San Francisco, California, from 2001 to 2023.
According to public records, a former client filed a FINRA arbitration claim against the broker, alleging $7,498,468 million in losses. The elderly clients alleged that they invested in First Republic Bank stock, which declined during the small banking crisis in May 2023. First Republic Bank was seized by regulators and sold to JP Morgan; it was later shut down.
Sam Schoner Customer Complaints
He has been the subject of three customer complaints between 2010 and 2023, according to his CRD report. The most recent complaints are regarding:
December 2023. “Customer alleges unsuitable investment advice. Activity dates January 2012 – September 2023.” The customer is seeking $2,500,000 in damages, and the case is currently pending. The complaint is regarding common and preferred stock losses, and it took place while he was registered with First Republic Securities Company, LLC.
September 2023. “Customers allege unsuitable investment recommendation. Activity dates 2017-2023.” The customer is seeking $7,498,468 in damages, and the case is currently pending. The complaint is regarding common and preferred stock losses, and it took place while he was registered with First Republic Securities Company, LLC.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, First Republic Securities Company, LLC may be liable for investment or other losses suffered by Sam Schoner’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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