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Warning to Investors: Former J.P. Morgan Securities LLC Financial Advisor Rick Konecny Accused of Unsuitable and Concentrated Investments

Posted on Saturday, June 23rd, 2018 at 8:47 am    

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Did you lose money investing with former J.P. Morgan Securities LLC financial advisor Rick Konecny (CRD# 1727785)? Konecny was registered with National Securities Corporation in Chicago, Illinois from April to November 2016, and previously with J.P. Morgan Securities LLC in Chicago, Illinois from 2013 to 2016, when he was terminated regarding, “RR failed to escalate client matters and failed to follow requirements with respect to execution of trades on a discretionary basis.”

In November 2017, FINRA barred Konecny after he failed to respond to FINRA request for information. Konecny failed to request termination of his suspension within three months of the date of the Notice of Suspension; therefore, he is automatically barred from association with any FINRA member in any capacity.

Konecny has been the subject of 11 customer complaints between 2016 and 2018, one of which was denied, according to his CRD report:

April 2018. “Customer alleges that registered representative invested the accounts in an unsuitable and over concentrated manner. Activity dates 07/2013-10/2015.” The customer is seeking $88,430 in damages and the case is currently pending.

April 2018. “Customers allege that the registered representative invested the accounts in an unsuitable and over concentrated manner. Activity dates 07/2013-10/2015.” The customer is seeking $1,210,380 in damages and the case is currently pending.

January 2018. “Customer alleges that the registered representative invested the account in an unsuitable and over concentrated manner. Activity dates 07/2013-10/2015.” The customer is seeking $81,856 in damages and the case is currently pending.

January 2018. “Customer alleges that the registered representative invested the account in an unsuitable and over concentrated manner. Activity dates 07/2013-10/2015.” The customer is seeking $33,498 in damages and the case is currently pending.

January 2018. “Customer alleges that the registered representative invested the account in an unsuitable and over concentrated manner. Activity dates 07/2013-10/2015.” The customer is seeking $70,660 in damages and the case is currently pending.

August 2017. “Allegations as stated by Claimant: Time frame: 2008-2013 Claimants allege unsuitability, overconcentration, unauthorized use of margin and misrepresentation involving the recommendation to invest in energy and natural resource stocks.” The customer is seeking $3.7 million in damages and the case is currently pending.

August 2017. “Time frame: 2008-2013 Claimants allege unsuitability, overconcentration and misrepresentation involving the recommendation to invest in energy and natural resource stocks.” The customer is seeking $990,212 in damages and the case is currently pending.

April 2017. “Customer alleges that registered representative effected transactions without customer’s advance knowledge or authorization and customer’s investments were unsuitable and an unduly concentrated in certain sectors. Activity dates 12/2014-02/2016.” The customer sought $470,000 in damages and the case was settled for $315,000.

June 2016. “Customer alleges that registered representative effected transactions without customer’s advance knowledge or authorization and customer’s investments were unsuitable and unduly concentrated in certain sectors.” The customer sought $400,000 in damages and the case was settled for $180,000.

March 2016. “Client claims the registered representative, through unsuitable and unauthorized trades, over concentrated her investments in several energy and natural resource stocks between 2013 and 2015.” The customer sought $1 million in damages and the case was settled for $375,000.

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, J.P. Morgan Securities LLC may be liable for investment or other losses suffered by Konecny’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.