According to the Financial Industry Regulatory Authority (FINRA), Eugene Arthur McAdams (C.R.D. #: 419021), a broker with Joseph Stone Capital, has reportedly been barred from working in the securities industry.
FIRNA claims they barred McAdams after he purportedly refused to provide on-the-record testimony as requested by the regulator. FIRNA is investigating the suitability of the recommended securities transactions in customers’ accounts McAdams recommended while working with his brokerage firm Joseph Stone Capital.
According to his broker profile, McAdams allegedly settled two customer complaints. These allegations include unnecessary and excessive trading on margin, providing misleading and falsified information, elder abuse; fraud; negligence; misrepresentation; conducting unauthorized transactions; and violating fiduciary duty.
According to FIRNA claims, McAdams was purportedly affiliated with the following firms while working in the securities industry:
Joseph Stone Capital L.L.C. (C.R.D. #:159744), Center Moriches, NY – 09/24/2015 – 06/17/2020
Cape Securities Inc. (C.R.D. #:7072), Lake Grove, NY – 07/12/2012 – 09/23/2015
P.H.D. Capital (C.R.D. #:38785). New York, NY – 06/23/2010 – 07/11/2012
Lawsuits to Recuperate Financial Losses
Haselkorn & Thibaut, P. A. is currently investigating potential securities claims implicating Eugene McAdams and the liabilities his employers may face for poor or inadequate supervision.
Brokers/financial advisors are responsible for their clients’ investment losses. They can be held liable if they commit fraud or engage in other illegal activities while working as a broker, especially since it is ultimately up to them whether these transactions go through and what laws are violated. Brokerage firms are often the target of lawsuits when employees engage in unethical practices, which lead directly to investment losses due to lack of adequate supervision and delinquency from their employees.
Eugene McAdams’ fraudulent and misleading activities have duped many people into investing with him and incurring huge losses. However, investors can get some of their investments back by filing FINRA Arbitration claims against his employers. Consider filing a FINRA Arbitration claim against Eugene McAdams’ employers with Haselkorn & Thibaut. Call 1-800-856-3352 for a free consultation with an investment attorney.