Records from the Financial Industry Regulatory (FINRA) show that stockbroker Todd Ryman, who has been registered with SunTrust Investment Services since February 2017, is the subject of several pending customer disputes, including allegations that he recommended an unsuitable private investment fund.
Ryman was previously registered with other firms in Georgia, New Jersey, and New York, including Bear Stearns & Company, Josephthal & Company, UBS PaineWebber, Bank of America, Merrill Lynch, Deutsche Bank Securities and Raymond James & Associates.
According to the FINRA report, six customer complaints have been lodged against Ryman. Two complaints are pending and four have been settled.
In February 2017, he was accused of engaging in “documentation” related to certain investments, including mutual funds, foreign equity products, closed-end funds, equity listed products, real estate investment funds, and exchange-traded funds. Ryman was employed by Raymond James & Associates during this time, the FINRA report indicates.
In 2016, Ryman was accused of recommending an unsuitable private investment fund while he was employed at Deutsche Bank.
Ryman has also been accused of unauthorized trading and other allegations of stockbroker misconduct. Four settlements were reached between 2009 and 2014.
In 2000, he was sanctioned by for the State of Georgia’s Commissioner of Insurance after allegedly failing to disclose certain criminal offenses on his insurance application, and was fined $500.
What Is an Unsuitable Private Investment Fund?
Brokers are obligated to gather information about their customers’ finances and goals to recommend suitable investments. This obligation is referred to as the “Know Your Customer” rule, which is meant to prevent brokers from recommending an unsuitable private investment fund.
Before making investment recommendation to customers, brokers should consider many factors including the customer’s current financial situation, reasons for investing, investment goals, future financial needs, and risk tolerance.
An investment may be unsuitable if the customer does not understand the risks associated with it, if the investment is not a good fit for the customer’s investment goals, or if the customer cannot afford the losses that may be associated with the investment.
If the broker fails to consider these factors or fails to adequately research the investments, he or she may end up recommending an unsuitable private investment fund, which could lead to charges of stockbroker misconduct.
Did Your Broker Recommend Unsuitable Funds?
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If you are concerned that your stockbroker recommended an unsuitable private investment fund, contact the investment fraud lawyers at Meyer Wilson for a free case evaluation. Our legal team has experience reviewing and investigating claims of unsuitability. You may be eligible to take legal action against your stockbroker to recover for the financial losses you suffered.
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