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Raymond James Financial Services, Inc. Financial Advisor Kenneth Fitzpatrick Receives Customer Complaint for Energy Sector Losses

Posted on Thursday, November 2nd, 2017 at 2:34 pm    

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Erez Law is currently investigating Raymond James Financial Services, Inc. financial advisor Kenneth Fitzpatrick (CRD# 1850858) regarding unsuitable energy sector investments. Fitzpatrick has been registered with Raymond James Financial Services, Inc. in Toms River, New Jersey since 2009.

Former clients of Fitzpatrick, a married couple from New Jersey, reportedly recently filed a complaint against Fitzpatrick regarding. The couple was a long-time customer of Fitzpatrick and turned to him to invest their irreplaceable retirement savings and create a stable stream of income that would sustain themselves throughout retirement. The complaint alleges that Fitzpatrick concentrated the couple’s portfolio in the unsuitable energy sector and followed a buy and hold strategy that is unsuitable for senior citizens. Such unsuitable oil and gas investments include:

  • Breitburn Energy
  • Vanguard Natural Resources
  • Whiting USA R II

As a result of these investments, the customers suffered losses of approximately $100,000. Fitzpatrick nor anyone at Raymond James Financial Services, Inc. attempted to diversify the customers’ portfolio.

Fitzpatrick has no previous customer disputes on his CRD record.

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, Raymond James Financial Services, Inc. may be liable for investment or other losses suffered by Fitzpatrick’s customers.

Erez Law represents investors in the United States for claims against Raymond James Financial Services, Inc. financial advisor Kenneth Fitzpatrick, regarding unsuitable energy sector investments. If you were a client of Raymond James Financial Services, Inc. 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.