Former broker James Flynn was recently barred by FINRA after failing to respond to the agency's requests for information. He has been the subject of at least ten customer complaints alleging unsuitable investments and unauthorized trading. The majority of the complaints surrounding Flynn are related to real estate investment trusts or other illiquid investments. Alternative investment products like REITs are rarely appropriate for investors because of their high costs, illiquidity, risks, and extensive redemption charges. Unfortunately, they are a strong temptation for many brokers because of their high commissions. Because these products are almost never beneficial for investors, many states impose limitations on the amount that can be invested by a consumer.
From February 2017 to February 2018, Flynn worked as a broker with IFS Securities in Greenville, South Carolina. He was fired from IFS over allegations that he engaged in trading ahead of authorization. Flynn worked with Voya Financial Advisors from 2013 to 2017 when he was fired for allegedly providing the firm with misleading information during an investigation.
According to his BrokerCheck report, he has one pending dispute from August 24, 2018 alleging that he transferred client assets from a 401k account into liquid and unsuitable investments in August 2015. In addition to the pending dispute, he also has eight settled disputes on his report. The disputes alleged unsuitability and unauthorized trades related to alternative investments and direct participation products (DPPs) like REITs.
Did You Lose Money While Working with James Flynn?
If you lost money while working with James Flynn, Meyer Wilson would like to hear from you. When investors choose to work with brokers like Flynn, there's a level of expectation that their funds will be well looked after and invested in a responsible manner. If you believe James Flynn misappropriated your money, give our office a call at (800) 738-1960. Our team of experienced investment fraud attorneys may be able to help you recoup some or all of your losses.