Did you lose money investing with Moloney Securities Co., Inc. broker Joseph Weinrich Sr. (CRD# 461987)? Weinrich was registered with Moloney Securities Co., Inc. in Myrtle Beach, South Carolina from 1999 to May 2018.
It is alleged that a former elderly client filed a $450,000 FINRA arbitration against Weinrich alleging losses sustained due to unsuitability, unauthorized trading and churning. According to the complaint during a five-year period, Weinrich made unsuitable investment recommendations, including oil and gas master limited partnerships (MLPs), that were not consistent with the customer’s financial situation and investment goals. The customer also alleges that Weinrich engaged in unauthorized trading and churned the account to generate fees and commission. The case was settled for $69,000.
According to Weinrich’s CRD report, there is a customer complaint dated January 2018 for the following: “For the period 2011 to 2017, alleges unsuitable, unauthorized and excessive trading, negligence, breach of fiduciary duty & failure to supervise.”
Weinrich has also been the subject of 17 regulatory complaints listed on his CRD, between 1998 and 1978.
In addition to the case above, Weinrich has been the subject of two additional customer complaint, according to his CRD report:
- December 2018. “Fraud, breach of fiduciary duty, negligence and failure to disclose risks of two investments made in 2012 and 2013.” The customer is seeking $225,000 in this pending customer complaint.
- November 1996. “Account related-transfer; account related-negligence of Mr. Weinrich`s previous firm; Stifel, Nicolaus & Co., Inc.” The customer sought $180,000 in damages and the case was settled for $30,000.
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 Weinrich’s customers.
Erez Law represents investors in the United States for claims against brokers and brokerage firms for wrongdoing. If and 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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