Brookstone Securities – Fraud and Unsuitable Investment Charges Against Executives
Brookstone Securities Execs Tuberville and Kline Allegedly Recommended Unsuitable Collateralized Mortgage Obligations to Customers
Brookstone Securities, Inc. executives Antony Lee Turbeville and Christopher Dean Kline are appealing a May 31, 2012 ruling that they allegedly recommended collateralized mortgage obligations (CMOs) to unsophisticated customers with a low tolerance for risk and for whom the securities were unsuitable, according to a FINRA Department of Enforcement Complaint.
In addition, FINRA alleges that the duo engaged in fraud.The FINRA Hearing Panel also found that Brookstone and Turbeville allegedly issued letters to customers that violated the content standards applicable to all interactions FINRA members have with the public, the aforementioned Complaint further alleges.
In addition, the Complaint notes that Brookstone reportedly failed to review customer discretionary accounts.
FINRA Panel Censures Brookstone and Imposes $1,000,000 Fine; Turbeville and Kline Barred
The FINRA Hearing Panel also found that Brookstone and Turbeville failed, on many levels, to enforce and maintain the firm’s written supervisory procedures and to adequately supervise the activities of the firm’s registered representatives, according to the FINRA Complaint.
As a result of the aforementioned misconduct, the Hearing Panel has imposed serious and definitive sanctions which include a censure for Brookstone and a fine of $1,000,000. In addition, Turbeville and Kline have been barred from associating with any FINRA member in any capacity.
The Peiffer Wolf Investor Rights Lawyers Investigating
The Peiffer Wolf investor rights lawyers often represent investors who lose money as a result of investment-related misconduct or fraud. They take most cases of this type on a contingency fee basis and advance the case costs, and only get paid for their fees and costs out of money they recover for their clients.
Investors who believe they lost money as a result of investment misconduct or fraud may contact the investment rights lawyers at Peiffer Wolf, Jason Kane or Joe Peiffer, for a free, no-obligation evaluation of their recovery options, at 585-310-5140.