John Burns– Unsuitable and Unauthorized Investments

New Orleans stockbroker fraud attorney

John E. Burns Allegedly Engaged in a Pattern of Unauthorized Trading in Nine Separate Customer Accounts

John Burns, between December 2013 and August 2015, allegedly engaged in a pattern of unauthorized trading in customer accounts, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) currently under review by attorneys Alan Rosca and James Booker.

The aforementioned AWC further alleges that John Burns allegedly engaged in a pattern of unauthorized trading in customer accounts nine separate customer accounts including unsuitable and risky investments for a senior couple.

John Burns, who entered the securities industry in March 2007, allegedly executed 100 unauthorized trades in nine customer accounts between December 2013 and August 2015, and allegedly did not hold written discretionary authority to execute trades in any of these customer accounts, the AWC reports.

What is more, John Burns had obtained some verbal authorization to exercise discretion generally in five customer accounts, but also allegedly exceeded said verbal authorization by executing trades in excess of the available funds in the account, the AWC notes.

Burns allegedly had some verbal authorization to exercise discretion generally, but allegedly exceeded that verbal authorization by executing trades in excess of the available funds in the account, the AWC states.

The Peiffer Rosca Wolf securities lawyers are currently investigating John Burns’ alleged unauthorized trading in customer accounts.

John Burns Suspended and Fined $17,500 by FINRA for Allegedly Making Over 50 Unsuitable and Unauthorized Investments

John Burns allegedly violated FINRA Rules when he allegedly made over 50 unsuitable and unauthorized investments over a two-year period, according to a recent FINRA Letter of Acceptance, Waiver and Consent (AWC) presently being examined by attorneys Alan Rosca and James Booker.

The aforementioned AWC further alleges that Burns violated FINRA Rules when he allegedly made over 50 unsuitable and unauthorized investments over a two-year period, and that said trades were allegedly executed in the account of a senior retired couple, both of whom were over 65 years of age, the AWC notes.

The aforementioned transactions allegedly involved investments in small drug company stocks, the AWC reports.

The customers, however, held a moderate risk tolerance in their investment profile and said trades were allegedly high-risk, the AWC states.

Said customers also allegedly took in sustained losses in all but one of the investments exceeding $50,000 in aggregate, the AWC notes.

As a result of the aforementioned alleged violations of FINRA Rules, John Burns was suspended and fined $17,500 by FINRA for allegedly making over 50 unsuitable and unauthorized investments, according to a recent FINRA Letter of Acceptance, Waiver and Consent presently being examined by attorneys Alan Rosca and James Booker.

The AWC further reports that the fine will be “due and payable either immediately upon re-association with a member firm, or prior to any application or request for relief from any statutory disqualification resulting from this or any other event or proceeding, whichever is earlier.”

John Burns also has quite a history of customer disputes, according to his FINRA BrokerCheck Report.

For example, John Burns, according to the aforementioned BrokerCheck report, allegedly has 6 customer disputes starting in 2014 for unsuitable investments among other allegations.

In sum, the aforementioned cases resulted in alleged unauthorized trading and unsuitability with damages amount requested ranging from $7,000 to $500,000, according to Burns’ FINRA BrokerCheck Report.

What is more, Burns also allegedly filed for bankruptcy, his BrokerCheck report notes.

Furhtermore, Burns was registered with Ameriprise Financial services in Chesterfield, Missouri from August 2014 through October, 2015 and was also registered with Sagepoint Financial Inc. in Wentzville, Missouri from October 2015 through November of 2015, the AWC states.

Finally,  from September 2011 through August of 2014 Burns was registered with UBS Financial Services in Chesterfield, Missouri, he AWC also states.

One should also note that, according to the AWC, John Burns neither admitted nor denied the FINRA findings.

Securities Lawyers Investigating

The Peiffer Rosca Wolf securities lawyers often represent investors who lose money as a result of alleged acts of unauthorized trading in customer accounts and are currently investigating John Burn’s alleged acts of unauthorized trading in customer accounts. 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 John Burn’s alleged acts of unauthorized trading in customer accounts may contact the securities lawyers at Peiffer Rosca Wolf, Alan Rosca or James Booker, for a free no-obligation evaluation of their recovery options, at 888-998-0520 or via e-mail at arosca@prwlegal.com or jbooker@prwlegal.com.

Alan Rosca (1225 Posts)

Alan is a securities lawyer. He also teaches Securities Regulation at the Cleveland-Marshall College of Law. He focuses his legal practice on complex commercial and financial litigation and arbitration, particularly in the areas of securities and investment fraud. His office is in Cleveland, Ohio.


In our legal system, every person is innocent until and unless found guilty by a court of law or a tribunal. Whenever we reference “allegations” or charges that are “alleged,” such allegations or charges have not been proven, and are merely accusations, not findings of fault, as of the date of the blog. We do not have, nor do we undertake, a duty to continue to monitor or follow cases about which we report, and/or to publish subsequent blogs regarding various developments that may occur in such cases. Readers are encouraged to conduct their own research regarding any such cases and any developments that may or may not have occurred in such cases.