Did You Lose Money by Investing with Financial Advisor Rushton Leigh Ardrey?

The Boston-based broker has been permanently barred by FINRA

According to the Financial Industry Regulatory Authority (FINRA), Boston-based broker Rushton Leigh Ardrey failed to respond to the agency’s request for information and has been permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public.

Since 1995, there have been customer disputes arising from Ardrey’s actions as a broker. A FINRA Disciplinary Action signed off by Ardrey in 2015 indicates that in 1995, he settled with the National Association of Securities Dealers to accept censure, a $20,000 fine, and a 60-day suspension from acting in all capacities, for effecting a series of end-of-day transactions in an attempt to impact the closing prices of securities. He was also placed under Heightened Supervision imposed by the Massachusetts Securities Division due to this matter.

Then, in August 2012, while working for Wells Fargo Advisors, Ardrey is reported to have wired $33,000 from his personal bank account to that of a customer in order to reimburse the customer for losses sustained in her account. By doing so without prior written authorization from his member firm, he violated FINRA rules. As a result, Wells Fargo Advisors discharged Ardrey in November 2013.

Customer disputes surrounding Ardrey’s actions are still pending against the now-barred broker. Such disputes allege that Ardrey engaged in unsuitable and unauthorized trading between 2009 and 2013. Unsuitable trading occurs when a broker makes recommendations or executes trades that do not fit a client’s financial situation or portfolio; unauthorized trading happens when a broker buys or sells securities in a non-discretionary account without a client’s authorization.

Prior to his employment with Newport Coast Securities, Inc. from October 2014 to August 2015, Ardrey was employed by these firms, among others:

• White, Weld & Co. Securities, LLC in Boston, MA from December 2013 to October 2014

• Coastal Equities, Inc. in Wilmington, DE from December 2013 to December 2013

• Wells Fargo Advisors, LLC in Boston, MA from September 2009 to November 2013

• UBS Financial Services, Inc. in Peabody, MA from February 2005 to September 2009

If you suffered financial loss as the result of Rushton Leigh Ardrey’s actions, you may be entitled to reclaim some or all of your losses through securities arbitration. To learn about your options, get in touch with the Silver Law Group. We represent individual and institutional investors across the United States who have lost money at the hands of a trusted financial advisor. You will be able to talk to an attorney experienced in securities arbitration and have any of your questions answered.

The Silver Law Group is a contingency-based firm, and you won’t owe us anything unless you recover lost money. Call us at 954.755.4799 or just fill out our online contact form.