Former Harbor Light Securities, LLC Financial Advisor Christopher Goslin Has 18 Customer Disputes on Record
Posted on Tuesday, August 1st, 2017 at 7:33 pm
Erez Law is currently investigating former Harbor Light Securities, LLC financial advisor Christopher Goslin (CRD# 1720162) regarding outside business activities. Goslin was registered with Harbor Light Securities, LLC in Tampa, Florida from 2012 to 2016. Previously, he was registered with J.P. Turner & Company, L.L.C. in Tampa, Florida from 2010 to 2012. In March 1998, Painewebber Inc. allowed Goslin to voluntarily resign regarding, “There were no allegations at the time of my resignation. I left the firm on 3/1/98 and painewebber put an internal review drp on my U4 one month later. They claim I went to a firm other than painewebber to purchase an annuity for a client.” Goslin is currently not registered with any brokerage firm.
In September 2016, FINRA suspended Goslin and ordered him to pay civil and administrative penalties and fines in the amount of $5,000 regarding allegations that he “failed to provide prior written notice to, and receive approval from his member firm, of an outside business activity from which he had a reasonable expectation of compensation. Specifically, the outside business activity was a limited liability corporation that had been formed for tax and asset protection purposes. At the time of its formation, Goslin, who was not an owner or officer, reasonably expected to be compensated in the form of distributions from the corporation, and, in fact, he received monetary distributions from the outside business. The findings stated that during all times relevant to this matter, the firm’s Written Supervisory Procedures (WSPs) required registered representatives to provide prior written notice to the firm and to receive approval from the firm for all outside business activities.”
Selling away occurs when a financial advisor sells an investment to a client without his brokerage firm’s permission, the broker is selling investments away from the firm, or simply “selling away.” A broker might partake in this inappropriate practice to earn a commission he or she would otherwise have to pass up. These investment opportunities are not properly vetted by the associated brokerage firm and therefore exposes the client to risk. As a result, FINRA barred this individual from acting as a broker or otherwise associating with firms that sell securities to the public.
In June 1998, “the Florida Department of banking and Finance issued a final order adopting the stipulation and consent agreement regarding respondent Christopher l. Goslin. The final order incorporated the stipulation and consent agreement dated 6/3/98, in which the respondent neither admitted or denied the allegations. Pursuant to the stipulation agreement, respondent goslin agreed to pay a fine in the amount of $2,000 and to cease and desist from any and all present and future violations of chapter 517, f.S. And the rules duly promulgated thereunder. In accordance with stipulation agreement the department agreed to approve goslins application as an associated person with Corporate Securities Group, Inc. Pursuant to a registration agreement, effective 6/10/98. The terms of the registration agreement provide, but are not limited to the following: goslins agrees to receive strict supervision and not to act in any principal, supervisory, or managerial capacity in connection with his registration in Florida. Such conditions will remain in effect for a period of two years, until 6/10/2000.”
Goslin has been the subject of 18 customer complaints between 1998 and 2016, four of which were closed without action and one was denied, according to his CRD report:
June 2016. “Alleges mismanagement of Trust; improperly charged Trustee fees.” The customer is seeking $15,000 in damages and the case is currently pending.
February 2016. “Claimant alleges misrepresentation, unsuitable investments, breach of contract, common law fraud, negligence and breach of fiduciary duty.” The customer is seeking $185,000 in damages and the case is currently pending.
October 2015. “Breach of fiduciary duty, misrepresentations and omissions and failure to perform a reasonable basis suitability analysis.” The customer is seeking $605,450.49 in damages and the case is currently pending.
June 2015. “Unsuitable recommendations; fraud, misleading statements or omission of material information; breach of fiduciary duty; negligent misrepresentation; negligence; breach of contract; elder abuse.” There was final resolution of $4,500,000.
November 2013. “Client alleges that in 2007 representative was negligent in recommending he invest in several private placement products and that he has suffered losses as a result.” The customer sought $175,000 in damages and the case was settled for $7,500.
September 2012. “Alleges misconduct including improper sales practices, fraud in the inducement, breach of fiduciary duty, unsuitable investment recommendations and failures to supervise sustaining damages in the approximate amount of $6 million.” The case was settled for $15,000.
June 2012. “Misrepresentation and poor advice.” The customer sought $70,000 in damages and the case was settled for $6,000.
February 2012. “Unsuitable recommendations, negligence, violation of state and federal securities law, common law fraud and breach of fiduciary duty.” The customer sought $350,000 in damages and the case was settled for $36,000.
January 2012. “Misrepresentation, unsuitability and breach of fiduciary duty.” The customer sought $15,000 in damages and the case was settled for $30,000.
April 2010. “Client alleges misrepresentation.” The client sought $5,000 in damages and the case was settled for $77,000.
February 2003. “Customer alleges that broker exchanged him unnecessarily from one annuity to another with the promise of higher returns resulting in losses of $89,574.00.” The customer sought $358,296 in damages and the case was settled for $40,000.
March 2001. “Misrepresentation and failure to disclose material terms of the investment.” The customer sought $7,542.90 in damages and was awarded damages of $569.68.
May 1998. “Client alleges misrepresented reinvestment option and penatly (sp) of cd. Time period March 1996 damages: not specified.” The customer sought $2,000 in damages and the case was settled for $1,771.99.
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, Harbor Light Securities, LLC may be liable for investment or other losses suffered by Goslin’s customers.
Erez Law represents investors in the United States for claims against former Harbor Light Securities, LLC financial advisor Christopher Goslin, who is alleged to participate in outside business activities. If you were a client of Harbor Light Securities, LLC or another firm, and 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.