Did you lose money investing with Gary Hammond (CRD# 2660432)?
Galvin Legal, PLLC is launching an investigation on behalf of investors who may have suffered losses investing with Gary Hammond. If you suffered losses investing with Gary Hammond, 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 20, 2023, Gary Hammond’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
10 Customer Disputes
1 Regulatory Event
1 Employment Separation After Allegations
January 19, 2021 – An AWC was issued in which Hammond was barred from association with any FINRA member in all capacities. Without admitting or denying the findings, Hammond consented to the sanction and to the entry of findings that he participated in private securities transactions totaling $1,638,000 without providing written notice to his member firm. The findings stated that the transactions involved investments in limited liability companies controlled by Hammond’s half-brother. Hammond participated in these transactions by referring investors to his half-brother, attending meetings about the investments and receiving compensation for his referrals. The compensation was generally six percent of the funds raised, though was lower in some instances where Hammond’s half-brother had a preexisting relationship with an investor. Two of the limited liability company investments turned out to be Ponzi schemes. Hammond referred customers, who invested a total of $1,019,000, to these fraudulent investments. In addition, in afirm compliance questionnaire, Hammond falsely answered questions about whether he participated in private securities transactions or received referral fees outside of his firm. (FINRA Case #2017054137002)
Current and Previous Registrations
08/22/2017 – 12/04/2017 HORNOR, TOWNSEND & KENT, INC. (CRD#:4031) CHARLOTTE, NC
03/25/2017 – 05/03/2017 MML INVESTORS SERVICES, LLC (CRD#:10409) CHARLOTTE, NC
08/02/2000 – 03/25/2017 MSI FINANCIAL SERVICES, INC. (CRD#:14251) CHARLOTTE, NC
08/02/2000 – 07/09/2007 METROPOLITAN LIFE INSURANCE COMPANY (CRD#:4095) CHARLOTTE, NC
07/07/2000 – 08/07/2000 PARK AVENUE SECURITIES LLC (CRD#:46173) NEW YORK, NY
05/03/1999 – 07/03/2000 PARK AVENUE SECURITIES LLC (CRD#:46173) NEW YORK, NY
10/30/1995 – 05/03/1999 GUARDIAN INVESTOR SERVICES CORPORATION (CRD#:6635) NEW YORK, NY
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 Gary Hammond 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.
