JAMES E. ARMSTRONG at ROYAL ALLIANCE ASSOCIATES, INC. – View Complaints, Disclosures, Scams and Audit Report (Updated 2023)
RedFlag, Allegation and/or Complaint against JAMES E. ARMSTRONG
Disclosure #1 for JAMES ARMSTRONG
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- Event Date: 12/4/2018
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA: 2015044939902
- DocketNumberAAO: 2015044939902
- Initiated By: FINRA
- Allegations: Without admitting or denying the findings, James E. Armstrong, Jr. consented to the sanctions and to the entry of findings that he failed to reasonably supervise a registered representative. The findings stated that the registered representative made unsuitable investment recommendations to four elderly customers. His unsuitable trading activity resulted in more than $200,000 in trading losses across the elderly customers’ accounts. Armstrong Jr. failed to reasonably supervise the registered representative by ignoring red flags, which indicated possible unsuitable trading by the representative and failing to review the representative’s email correspondence, which would have revealed that this representative received a customer complaint and alleviated another customer’s concerns by making misleading and promissory statements. The findings also stated that a registered principal and Armstrong Jr. were responsible for the supervision of the registered representative. Although the registered principal delegated day-to-day supervision of the representative to Armstrong Jr., the registered principal was ultimately responsible for the supervision of representatives at his branch office.
- Resolution: Acceptance, Waiver & Consent(AWC)
- Sanction Details :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- Sanction Details :: Amount: $7,500.00 Sanctions: Suspension
- Sanction Details :: Registration Capacities Affected: All principal capacities
- Duration: three months
- Start Date: 1/7/2019
- End Date: 4/6/2019
- Regulator Statement: Fines paid in full on December 18, 2018.
Should I file a FINRA complaint against brokers like JAMES E. ARMSTRONG?
Many investors (presumably, like yourself) are unaware of the legal recourse available to them after losing money due to securities broker fraud and/or negligence. The truth is that investors who lost money in this fashion may actually be entitled to damages. You may suffer significant losses at the hands of your financial advisors’ misconduct, such as if they misrepresented or failed to disclose the risks associated with a particular investment, recommended frequent trades for the sole purpose of generating commissions, or used high-pressure tactics to make a sale. The rules and regulations of securities laws and FINRA policies are complex, and investment loss claims require an extensive understanding of securities arbitration to achieve the best possible results.
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Originally reported on November 17, 2022 @ 8:32 pm
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