Did you lose money investing with Brett Briggs (CRD# 1226255)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Brett Briggs. If you suffered losses investing with Brett Briggs, then Galvin Legal, PLLC may be able to help you recover your losses in a Financial Industry Regulatory Authority (“FINRA“) arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
As of March 31, 2023, Brett Briggs’s FINRA BrokerCheck Report contains the following:
BARRED: FINRA has barred this individual from acting as a broker or otherwise associating with a broker-dealer firm.
Disclosure Events
5 Customer Disputes
5 Regulatory Events
November 17, 2020 – An AWC was issued in which Briggs was barred from association with any FINRA member in any principal capacity, fined $20,000 and ordered to pay $52,432.81, plus interest, in partial restitution to customers. This restitution amount is composed of commission overrides and ticket credits Briggs received from violative trading in customer accounts by three of four registered representatives he failed to supervise. The commission overrides and ticket credits Briggs received from another representative’s violative trading are not included because that representative’s customer already received compensation as part of an arbitration settlement. Without admitting or denying the findings, Briggs consented to the sanctions and to the entry of findings that he failed to supervise four representatives, formally with his member firm, who excessively traded and recommended qualitatively unsuitable trades involving options, low-priced securities and Non-Traditional Exchange Traded Products (ETPs) in customer accounts. The findings stated that Briggs failed to investigate red flags indicative of trading misconduct and to take appropriate action in a manner reasonably designed to ensure that the representatives acted in compliance with FINRA rules. At one point, a firm compliance principal specifically informed Briggs of red flags indicative of excessive trading in customer accounts. In the face of information indicative of violative trading practices, Briggs acted unreasonably by failing to further scrutinize the conduct of the representatives. Briggs was aware of but failed to investigate and address specific red flags indicating trading misconduct suggestive of excessive trading and qualitatively unsuitable recommendations, in violation of FINRA’s suitability rules, including the suitability rules relating to options trading. Briggs profited from the excessively traded and qualitatively unsuitable transactions executed by the representatives in customer accounts through his receipt of commission overrides and ticket credits. Briggs received commission override amounts totaling $52,432.81. (FINRA Case #2017054755207);
Current and Previous Registrations
01/14/2008 – 08/21/2017 FINANCIAL WEST GROUP (CRD#:16668) LOS ANGELES, CA
FINRA expelled the firm on 02/13/2020
11/22/2002 – 01/16/2008 THE SHEMANO GROUP, INC. (CRD#:35528) LOS ANGELES, CA
02/11/2002 – 12/05/2002 FIRST ALLIED SECURITIES, INC. (CRD#:32444) SAN DIEGO, CA
10/15/2002 – 10/16/2002 THE SHEMANO GROUP, INC. (CRD#:35528) SAN FRANCISCO, CA
11/30/1998 – 02/11/2002 INTERFIRST CAPITAL CORPORATION (CRD#:7659) LOS ANGELES, CA
07/08/1993 – 10/05/1998 H.J. MEYERS & CO., INC. (CRD#:15609) ROCHESTER, NY
FINRA expelled the firm on 03/01/1999
02/03/1992 – 06/28/1993 EMANUEL AND COMPANY (CRD#:7309) NEW YORK, NY
FINRA expelled the firm on 10/13/1994
09/13/1990 – 05/11/1992 BARING & BROWN, INC. (CRD#:24929)
FINRA expelled the firm on 09/25/1992
01/28/1988 – 10/24/1990 ROYCE PARK INVESTMENTS, INC. (CRD#:16539)
FINRA expelled the firm on 02/06/1992
01/16/1985 – 02/27/1988 THOMAS JAMES ASSOCIATES, INC. (CRD#:15609)
FINRA expelled the firm on 03/01/1999
03/22/1984 – 01/18/1985 APPLE FINANCIAL CORPORATION (CRD#:10375)
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Due Diligence Requirement
FINRA requires broker’s to conduct due diligence on investments and to conduct a suitability analysis when recommending securities to a customer that takes into account the customer’s knowledge and experience. FINRA Rule 2111(a) states that “a member or an associated person must have a reasonable basis to believe that a recommended transaction or investment strategy involving a security or securities is suitable for the customer, based on the information obtained through the reasonable diligence of the member or associated person to ascertain the customer’s investment profile. A customer’s investment profile includes, but is not limited to, the customer’s age, other investments, financial situation and needs, tax status, investment objectives, investment experience, investment time horizon, liquidity needs, risk tolerance, and any other information the customer may disclose to the member or associated person in connection with such recommendation.”
Rule 2111 is composed of three main obligations: reasonable-basis suitability, customer-specific suitability, and quantitative suitability. Brokers and the brokerage firms they work for that fail to conduct adequate due diligence on investments they recommend or that make unsuitable recommendations can be held responsible for the customer’s losses in a FINRA arbitration claim.
If you suffered losses and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
Request a Free Consultation with a Securities Attorney
If you suffered losses investing with Brett Briggs and would like a free consultation with a securities attorney, then please call Galvin Legal, PLLC at 1-800-405-5117.
This information is all publicly available and is being provided to you by Galvin Legal, PLLC.
Galvin Legal, PLLC is a national securities arbitration, securities mediation, securities litigation, securities fraud, securities regulation and compliance, and investor protection law practice. For more information on Galvin Legal, PLLC and its representation of investors, please visit www.galvinlegal.com or call 1-800-405-5117.
