The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding New York-based Salomon Whitney broker Douglas Leone.
In his 21 years in the securities industry, Douglas Leone has been employed by twelve firms. In 2001, his former employer, Cambridge Capital, was expelled by FINRA. Douglas Leone is currently the subject of 8 regulatory events or customer disputes, according to his BrokerCheck report.
- In 2014, a FINRA Complaint alleged that Douglas Leone and former employer, Newport Coast Securities, engaged in excessive trading and churning of customers’ accounts. The complaint also alleges that Leone and Newport Coast Securities “acted with intent to defraud and/or reckless disregard for their customers’ interests by seeking to maximize their own remuneration.” The FINRA Complaint is currently pending.
- In 2012 a customer alleged Douglas Leone engaged in breach of fiduciary duty, negligence, and breach of contract. The complaint settled in 2013 for $70,000.
- In 2012 a customer alleged Douglas Leone churned his account and misrepresented the risks associated with certain investments. The customer complaint settled in 2013 for $9,999.
- In 2006 a customer claimed losses of $25,000, alleging Douglas Leone charged excessive commissions and made unsuitable investment recommendations. The complaint settled for $21,000.
- In 1999 a customer alleged Douglas Leone engaged in misrepresentations, fraud and deceit, breach of contract, breach of fiduciary duty, and unsuitability. The complaint settled in 2001 for $125,000.
FINRA rules and federal laws require brokers like Mr. Leone to recommend only investments that are suitable for their clients. They must take into account the client’s age, net worth, tax status, and investment experience, among other factors. Brokerage firms have an additional duty to ensure that their brokers comply with these rules. Failure to comply may result in disciplinary action.
If you have a complaint regarding Douglas Leone, Salomon Whitney, or Newport Coast Securities, call 877-238-4175 now for a free consultation. You may entitled to recover your losses. All cases are taken on a contingency fee, which means we do not get paid unless and until you recover money. Our consultations are always free.
Time is of the essence, so do not delay. Call 877-238-4175 now to speak to an attorney for free.