John Burns of St. Charles, MO, and formerly of Ameriprise, UBS, Edward Jones and Sagepoint, submitted an agreement settling a regulatory suit in which he was assessed a deferred fine of and suspended from association with any FINRA member in any capacity for 14 months. Such regulatory actions rarely work to compensate injured investors and injured investors should speak to an attorney concerning their losses. If you believe that you have suffered losses, or believe the offer to settle your matter is too low, call 1-866-817-0201 for a free initial consultation with an attorney.
Without admitting or denying the findings, Burns consented to the sanctions and to the entry of findings that he engaged in a pattern of unauthorized trading in customer accounts and made unsuitable, risky investments for a senior couple. The findings stated that Burns did not have written discretionary authority to place trades in any of these customer accounts. In some of the customer accounts, Burns executed the trades without any authorization, while in other customer accounts, Burns had some verbal authorization to exercise discretion generally, but exceeded that verbal authorization by executing trades in excess of the available funds in the account. The findings also stated that Burns made unsuitable and unauthorized investments over a twoyear period in the account of a senior retired couple, both of whom were over 65 years old. These transactions involved repeated high-risk investments in small drug company stocks which were unsuitable for the customers’ moderate risk tolerance and investment profile. The customers sustained losses in all but one of these investments in an aggregate amount exceeding $50,000.
Burns has also been the subject of five lawsuits in recent years filed by investors concerning the mishandling of their accounts.