Former broker John M. James (CRD #4609872) has been barred after failing to provide on-the-record testimony involving allegations from a previous employer. His refusal put him in violation of FINRA Rules 8210 and 2010.
James was last employed with Stifel, Nicolaus & Company, Incorporated (CRD#:793) Of Golden Valley, MN. James was previously employed with:
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD#:7691) of Wayzata, MN, from 06/16/2006 to 03/24/2016
- Piper Jaffray & Co. (CRD#:665)
James had one client dispute filed during his tenure at Merrill Lynch. On 05/18/2009, a customer filed a dispute alleging unsuitable investment recommendations, and requested damages of $224,500.00. Merrill Lynch settled this dispute with the claimant for $160,000.
While under an internal company review at Merrill Lynch, James resigned from the company. He was under review for previously undisclosed business dealings, private investments and borrowing money from his clients.
James was discharged from Stifel, Nicolaus due to inaccurate information he provided on his application. He also failed to disclose the internal investigation he was involved in at Merrill Lynch when he resigned from that firm.
Additionally, according to FINRA records, when FINRA requested on-the-record information regarding the internal review at Merrill Lynch, James refused to give testimony in accordance with FINRA rule 8210. He was contacted twice by mail and spoke with a FINRA representative once by phone and declined to give any requested information. Therefore, James violated FINRA Rules 8210 and 2010, and was barred from working as a broker or being otherwise affiliated with any FINRA-registered firm.
James neither admitted nor denied the findings. He signed the FINRA AWC (Acceptance, Waiver & Consent letter) on 11/13/2017, and the bar became effective 12/27/2017 when signed by senior counsel for FINRA.
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