Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on May 20, 2016 indicate that New Jersey-based BCG Securities broker/adviser Justin Wine has been sanctioned by FINRA. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Wine (CRD# 4088317).
Justin Wine has spent 16 years in the securities industry and has been registered with BCG Securities in Cherry Hill, New Jersey since 2012. Previous registrations include LPL Financial in Washington, DC (2010-2012); Merrill Lynch in Washington, DC (2002-2010); and UBS Painewebber in Weehawken, New Jersey (2000-2002). He is a registered broker and investment adviser in six US states and territories: Colorado, the District of Columbia, Florida, Maryland, Rhode Island, and Virginia.
According to his BrokerCheck report, Justin Wine has received one customer complaint, one pending customer complaint, and one regulatory sanction.
In May 2016, FINRA sanctioned Justin Wine following allegations he “participated in a private securities transaction with a micro-loan company based in the British Virgin Islands without providing prior written notice to his member firm,” LPL Financial and BCG Securities. According to FINRA’s complaint, Mr. Wine recommended an investment in the company to customers, engaged in an outside business activity with a production company, recommended short-term loans in the production company to customers, and failed to make a disclosure on his Form U4. He was issued a 2-month suspension and a fine of $12,500.
In May 2015, a customer alleged Justin Wine, while employed at LPL Financial, advised him to invest in a private company that subsequently went bankrupt. The customer is seeking $25,000 in damages in the pending complaint.
In 2008, a customer alleged Justin Wine, while employed at Merrill Lynch, misrepresented material facts related to the sale of an auction rate security. The complaint settled in 2009 for $50,000.
Federal securities law prohibits brokers like Justin Wine from making untrue or false statements that can mislead their clients — an act referred to as “misrepresentation.” This also includes omitting material facts regarding an investment, or the effect that an investment could have on the client’s finances. A “material fact” is a piece of information that would be a significant consideration for a reasonable investor in making a decision about an investment. Some examples include the risk level of a stock, the potential return on an investment, or the fees involved with the transaction. Brokers and investment advisers who misrepresent material facts may be subject to disciplinary action from FINRA, the Securities and Exchange Commission, or state authorities
If you or someone you know has lost money investing with Justin Wine, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. We accept all cases on contingency: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.