Six investors have already filed suit against Conn. All revolve around Conn’s recommendation of inappropriate, unsuitable securities. A suitability violation exists when a broker recommends an investment that is inconsistent with the needs of an investor or who puts the broker’s needs ahead of the investor’s.
He is also accused of making trades without a client’s authorization. This often results in an action referred to as “churning”. Churning is an action where a broker makes numerous, unauthorized trades to make money for himself.
Conn previously worked at Deutsche Bank from 2005-2012 and for JP Morgan from 2012-2018. He has served as a Raymond James broker from 2018 through August 2022. At that time, Raymond James terminated his employment. Regulatory documents file by Raymond James states, “Individual failed to follow firm policies with respect to exercise of discretion, and with respect to payments to a client, and for a potential unreported OBA.”
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