CMD Investigating Claims Against John E. Burns for Unsuitable Recommendation and Unauthorized Trading

Securities law firm Carmel, Milazzo & DiChiara LLP (CMD) is investigating claims against stock broker John E. Burns for unsuitable recommendation and unauthorized trading.   According to Mr. Burns’ FINRA BrokerCheck, he has been the subject of at least six (6) customer complaints.

According to FINRA, John Burns, while registered with SagePoint Financial and Ameriprise Financial, engaged in a pattern of unauthorized trading in customer accounts and made unsuitable, risky investments for seniors.  The findings stated that John Burns did not have written discretionary authority to place trades in any of these customer accounts. In some of the customer accounts, John Burns executed the trades without any authorization, while in other customer accounts, John Burns had some verbal authorization to exercise discretion generally, but exceeded that verbal authorization by executing trades in excess of the available funds in the account.  The findings also stated that John Burns made unsuitable and unauthorized investments over a two-year period in the account of a senior retired couple, both of whom were over 65 years old.  These transactions involved repeated high-risk investments in small drug company stocks which were unsuitable for the customers’ moderate risk tolerance and investment profile.

If you or someone you know lost money investing with John Burns, you may be entitled to recover your investment losses through FINRA arbitration. CMD accepts cases on a contingency fee basis, which means we only get paid if you get paid.  Your time to file a claim may be limited, so contact us today at (212) 658-0458 or for a free and confidential case evaluation.