Warning to Investors: Planmember Securities Corporation financial advisor Raymond Menna Accused of Unauthorized Trading
Posted on Monday, November 13th, 2017 at 2:13 pm
Erez Law is currently investigating Planmember Securities Corporation financial advisor Raymond Menna (CRD# 1918097) regarding unauthorized trading in unsuitable investments. Menna has been registered with Planmember Securities Corporation in Farmingville, New York since 2010.
In November 2017, a former client of Menna filed a FINRA arbitration claim against Planmember Securities Corporation and Menna alleging unauthorized trading in unsuitable investments in a customer’s Individual Retirement Account (IRA) that caused $1 million in damages. The complaint also alleges that Menna made cash payments to his former customer to discourage him from seeking recovery for losses to his irreplaceable retirement savings.
Menna has been the subject of one additional customer complaint in December 2008, according to his CRD report. The customer alleged that Menna “failed to follow her instructions in January 2008 to change her portfolio to no-risk investments.” The customer sought $56,754 in damages and the claim was denied.
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, Planmember Securities Corporation may be liable for investment or other losses suffered by Menna’s customers.
Erez Law represents investors in the United States for claims against Planmember Securities Corporation financial advisor Raymond Menna, regarding unauthorized trading in unsuitable investments. If you were a client of Planmember Securities Corporation 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.