Christopher Sinkula, a registered representative of the brokerage firm Janney Montgomery Scott, has been recently accused by a client of making unsuitable investments in energy sector stocks and products.
According to regulatory documents, a customer claims that Sinkula (CRD# 2001512) made unsuitable investments that resulted in a high concentration of energy stocks. The customer alleges $100,000 in damages over the unsuitable investments.
Previous customer complaints involving Christopher Sinkula have settled. In 2012, while Sinkula was with Citigroup Global Markets, a settlement of $200,000 was entered into relating to allegations that he misrepresented an annuity. In 1997, while Sinkula was with AG Edward & Sons, for a different customer complaint was settled for $46,000.
Mr. Sinkula’s FINRA records indicate eight total customer complaints involving allegations that he misrepresented material facts, made unsuitable recommendations and unsuitable investments, and failed to follow instructions.
Christopher Sinkula is currently employed by Janney Montgomery Scott and works in at Stuart, Florida. From 1999 until 2008, Sinkula was with Citigroup Global Markets also in Stuart.
Financial advisors are required to gather appropriate information before making any recommendations. This information should include their client’s financial status and goals, as well as their tolerance for risk. The financial advisor should also gather information about the investment to make sure it is a good fit for their client.
Financial advisors who fail to gather this information can make unsuitable investments on their client’s behalf. Clients who lose money based on an unsuitable investment can hold their financial advisor responsible in a stockbroker misconduct case if they can show the investment was unsuitable.
To prove that a financial advisor made an unsuitable investment, clients must show that the actual investment took place, their financial state at the time, as well as tolerance for risk, investment goals, and future needs. Clients also have to demonstrate that they suffered a loss because of the unsuitable investment.
If you think your broker made unsuitable investments on your behalf and as a result you suffered a loss, call the experienced attorneys at Meyer Wilson today.