Erez Law Investigates Investment Planners, Inc. Broker James Parrelly
Posted on Monday, July 20th, 2020 at 7:43 pm
There are options for customers who suffered investment losses due to recommendations by Investment Planners, Inc. broker James Parrelly (CRD# 728368). Parrelly has been registered with Investment Planners, Inc. in South Lyon, Michigan since 2015.
In May 2020, FINRA sanctioned Parrelly to a $5,000 civil and administrative penalty and was suspended for 15 days after he, “consented to the sanctions and to the entry of findings that he executed discretionary transactions in the securities account of a customer pursuant to the customer’s prior verbal authorization, but without written authorization from the customer or written approval from his member firm.”
Parrelly has been the subject of eight customer complaints between 1986 and 2019, according to his CRD report. The most recent complaint is regarding:
April 2019. “Statement of Claim alleges churning, negligence of duty and unsuitable investments.” The customer is seeking $500,000 in damages and the case is currently pending. The complaint took place while Parrelly was registered with Investment Planners, Inc. and was regarding common and preferred stocks and promissory notes.
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, Investment Planners, Inc. may be liable for investment or other losses suffered by Parrelly’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If 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.