Did you lose money investing with Erlloisse Magan (a/k/a Erlloise Magan) (CRD# 314625)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Erlloisse Magan (a/k/a Erlloise Magan). If you suffered losses investing with Erlloisse Magan (a/k/a Erlloise Magan), 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 September 12, 2020, Erlloisse Magan (a/k/a Erlloise Magan)’s FINRA BrokerCheck Report contains the following:
Disclosure Events
1 Regulatory Event(s)
See FINRA Letter of Acceptance, Waiver and Consent No. 2018059948101
UPDATE 9/12/2020: According to FINRA’s December 2019 Disciplinary Actions: “Erlloisse Flores Magan (CRD #3146325, Massapequa, New York) October 10, 2019 – An AWC was issued in which Magan was assessed a deferred fine of $10,000 and suspended from association with any FINRA member in all capacities for four months. Without admitting or denying the findings, Magan consented to the sanctions and to the entry of findings that she failed to give prior written notice to her member firm of her appointment and expectation of compensation as power of attorney for a customer, and as trustee to two charitable foundations created by the customer to distribute her assets upon her death. The findings stated that although the trusts held no principal during the customer’s lifetime, Magan was aware that the trusts would receive a substantial amount of money from the customer’s estate upon her death. Magan nonetheless failed to disclose her appointments to the firm until after the customer’s death, at which time she voluntarily resigned from the firm. The suspension is in effect from October 21, 2019, through February 20, 2020. (FINRA Case #2018059948101)
Current and Previous Registrations
01/25/2006 – 04/19/2018 TD AMERITRADE, INC. (CRD#:7870) NEW YORK, NY
07/18/2006 – 05/22/2007 TD AMERITRADE CLEARING, INC. (CRD#:5633) OMAHA, NE
07/30/2005 – 01/26/2006 MML INVESTORS SERVICES, INC. (CRD#:10409) SPRINGFIELD, MA
06/18/2002 – 07/21/2005 NEW ENGLAND SECURITIES (CRD#:615) NEW YORK, NY
12/01/2001 – 05/20/2002 SOURCE CAPITAL GROUP, INC. (CRD#:36719) WESTPORT, CT
07/06/2000 – 12/01/2001 MERIT CAPITAL ASSOCIATES, INC. (CRD#:30576) WESTPORT, CT
02/11/1999 – 07/05/2000 DALTON KENT SECURITIES GROUP, INC. (CRD#:38813) NEW YORK, NY
12/14/1998 – 01/05/1999 FAIRCHILD FINANCIAL GROUP, INC. (CRD#:21404) NEW YORK, NY
FINRA expelled the firm on 12/20/2001
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 Erlloisse Magan (a/k/a Erlloise Magan) 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.
