There are options for clients of former Moloney Securities Co., Inc. broker James Raia (CRD# 2397301), who is accused of unsuitable investment recommendations. He was registered with Moloney Securities Co., Inc. in Ridgewood, New York, since 2018. He was registered with Summit Brokerage Services, Inc. in Ridgewood, New York, from 2015 to 2018, J.P. Turner & Company, L.L.C. in Ridgewood, New York, from 2009 to 2015, Gunnallen Financial, Inc. in Ridgewood, New York, from 2005 to 2009, Greenpoint Securities LLC in Lake Success, New York, in 2004, when he was terminated regarding, “They feel I failed to comply with Rate 60, this is not true.”
James Raia Customer Complaints
He has been the subject of eight customer complaints between 2013 and 2024, one of which was withdrawn, one was closed without action, and one was denied, according to his CRD report. The most recent complaints were regarding:
March 2024. “Suitability/negligence. 2018-2021.” The customer is seeking $412,600 in damages, and the case is currently pending. The complaint was regarding corporate debt.
May 2023. “Suitability/negligence. 2019-2020.” The customer is seeking $50,000 in damages, and the case is currently pending. The complaint was regarding corporate debt.
October 2022. “Suitability/negligence.” The customer sought $30,000 in damages, and the case was settled for $10,000. The complaint is regarding corporate debt.
Pursuant to FINRA Rules, member firms are responsible for supervising a broker’s activities during the time the broker is registered with the firm. Therefore, Moloney Securities Co., Inc. may be liable for investment or other losses suffered by James Raia’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If you have experienced investment losses, please call us at 888-840-1571 or complete our contact form for a free consultation. Erez Law is a nationally recognized law firm representing individuals, trusts, corporations and institutions in claims against brokerage firms, banks and insurance companies on a contingency fee basis.
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