Investigation of Barred Broker Joseph Thurnherr
Posted on Monday, March 30th, 2020 at 10:04 am
Erez Law is currently investigating barred broker Joseph Thurnherr (CRD# 5045624) regarding unsuitable investment recommendations. Thurnherr was registered with Wynston Hill Capital, LLC in New York, New York from 2018 to 2019. Previously, Thurnherr was registered with Spartan Capital Securities, LLC in New York, New York from 2017 to 2018 and previously with Windsor Street Capital, LP in New York, New York from 2015 to 2017.
In February 2020, FINRA barred Thurnherr after he consented to the sanction and to the entry of findings that he refused to provide documents and information requested by FINRA in connection with an investigation into allegations set forth in a customer-initiated arbitration against him.
In August 2017, the Florida Office of Financial Regulation opened an investigation into Thurnherr alleging, “Making a material misstatement on the application for registration.” The resolution was denied.
Thurnherr has been the subject of seven customer complaints between 2013 and 2019, one of which was denied and one was closed without action, according to his CRD report:
February 2019. “Unsuitable investments, misrepresentation, and breach of fiduciary duty.” The customer sought $100,000 in damages and the case was settled for $50,000. The complaint took place while Thurnherr was registered with National Securities Corp. and was regarding equity OTC.
April 2017. “Churning, Margin, Unsuitability and Unauthorized trades from the time period February 2016 to November 2016.” The customer is seeking $383,000 in damages. The complaint took place while Thurnherr was registered with Meyers Associates LP and was regarding equity OTC.
June 2016. “Customer alleges unsuitability and over-concentration resulting in losses of $84,124 occurring over an 8-9 month period between February and November 2015.” The customer sought $93,624 in damages and the case was settled for $14,249.
June 2015. “In a statement of claim, the individual alleges churning, excessive trade & scienter, suitability, unauthorized trading, negligence, breach of fiduciary duty, breach of contract, and misrepresentation on behalf of Joseph Thurnherr and others associated with Legend Securities, inc.” The customer is seeking $536,180.09 in damages in this pending customer complaint. The complaint was regarding equity OTC and common and preferred stocks.
March 2015. “Misrepresentation.” The customer is seeking $89,268 in this pending customer complaint.
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, his previous employers may be liable for investment or other losses suffered by Thurnherr’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.