Westpark Capital Financial Advisor, John Reilly, Has $400,000 Pending Complaint Regarding The Sale Of A Private Placement
The Wolper Law Firm is currently investigating claims against John Reilly, a Financial Advisor at Westpark Capital. John Reilly has been in the securities industry since 1979 and previously worked at two brokerage firms that have been expelled from the securities industry.
The Wolper Law Firm is currently investigating claims against Westpark Capital, a brokerage firm with offices in California, Florida and New York. Westpark Capital offers customers investment banking, brokerage and insurance services. The Wolper Law Firm is interested in speaking with brokerage customers of Westpark Capital that have lost money in their investments.
In June 2017, Reuters published a report analyzing data issued by the Financial Industry Regulatory Authority (FINRA). Reuters reported that “about half of the firm’s 95 brokers have FINRA flags on their records” and that “more than 47% of Westpark brokers once worked at firms that were later expelled by FINRA.”
A link to the Reuters article is at https://www.reuters.com/investigates/special-report/usa-finra-brokers/.
Separately, FINRA has fined Westpark Capital for failure to supervise its Financial Advisors’ sales practices, many of whom have multiple customer complaints, judgments, liens, or regulatory events disclosed on the FINRA BrokerCheck.
According to publicly available records released by the Financial Industry Regulatory Authority (FINRA), in November 2018, a customer fild a complaint against John Reilly, alleging “Client alleges misrepresentation and suitability relating to a private placement purchased in January of 2018.” The allged damages are $400,000 and the matter remains pending.
In addition, John Reilly has more than ten (10) disclosures of judgments and/or liens against him. The disclosure of judgments/liens on a Financial Advisor’s CRD may be indicative of poor financial judgment.
For a copy of the John Reilly’s CRD, click https://brokercheck.finra.org/individual/summary/870804#disclosuresSection
Financial advisors have a legal and regulatory obligation to recommend only suitable investments that are appropriate for their clients’ needs and objectives. Their employing brokerage firm has a legal and regulatory obligation to supervise the Financial Advisors’ sales practices and dealings with clients. To the extent any of these duties are breached, the customer may be entitled to a recovery of his or her investment losses.
The Wolper Law Firm represents investors nationwide in securities litigation and arbitration on a contingency fee basis. Matt Wolper, the Managing Principal of the Wolper Law Firm, is a trial lawyer who has handled hundreds of securities cases during his career involving a wide range of products, strategies and securities. Prior to representing investors, he was a partner with a national law firm, where he represented some of the largest banks and brokerage firms in the world in securities matters. We can be reached at 800.931.8452 or by email at email@example.com.