Public records published by the Financial Industry Regulatory Authority (FINRA) and accessed on August 10, 2017 indicate that former Massachusetts-based Questar Capital broker James Fleming has been sanctioned by FINRA and suspended from acting as a broker. Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Fleming (CRD# 846806).
James Fleming has spent 39 years in the securities industry and was most recently registered with Questar Capital in Worcester, Massachusetts (2016-2017). Previous registrations include Investors Capital in Worcester, Massachusetts; Wachovia Securities in St. Louis, Missouri; First Union Capital Markets in Charlotte, North Carolina; and Robert Thomas Securities in St. Petersburg, Florida. He has passed three securities industry examinations; Series 63 (Uniform Securities Agent State Law Examination); Series 7 (General Securities Representative Examination); and Series 1 (Registered Representative Examination). He is currently not registered with any state or firm.
According to his BrokerCheck report, he has received one FINRA sanction, one customer complaint, and one pending customer complaint.
In August 2017 FINRA sanctioned him following allegations “that in connection with two customers’ accounts, he repeatedly recommended that two customers purchase unit investment trusts (UITs) and then sell them well before their maturity dates.” FINRA’s findings state further: “the UITs that Fleming recommended had maturity dates of 24 months or longer and carried significant sales charges. Nevertheless, on 177 occasions, Fleming recommended that his customers sell their UIT positions within eight months of their purchase. The holding period for the UITs ranges from between three and 235 days, with an average holding period of only 96 days. In addition, on several occasions, Fleming recommended that his customers use the proceeds from the short-term sale of a UIT to purchase another UIT with similar investment objectives. Fleming’s recommendations caused the customers to incur unnecessary sales charges and were unsuitable in view of the frequency and cost of the transactions.” He was issued a four-month suspension and a fine of $10,000.
In 2016 a customer alleged James Fleming, while employed at Investors Capital, made unsuitable investment recommendations. The customer is seeking $50,000 in damages in the pending complaint.
In 1997 a customer alleged he made recommended investments that resulted in unanticipated tax liabilities. The complaint settled for $52,155.
If you have lost money investing with James Fleming, you may be able to recover your losses. Call Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on a contingency basis: Fitapelli Kurta only gets paid if and when you collect funds. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.