Former broker James Albert Pettit (CRD #733916), formerly of Ameriprise Financial Services, Inc. (CRD #6363), was barred by FINRA on 3/26/2018. This is the result of failing to comply with an arbitration award, and providing proof of the compliance. The bar is indefinite, and in all capacities until the award is paid.
Pettit is the subject of two FINRA regulatory actions and one by the state of Connecticut.
Pettit’s former employers include:
- Janney Montgomery Scott LLC (CRD #463)
- Merrill Lynch, Pierce, Fenner & Smith Incorporated (CRD #7691)
- Advest, Inc. (CRD #10)
FINRA also barred Pettit on 11/28/2017 for failing to provide requested information. Pettit has not requested the termination of the bar, so he is permanently barred from associating with any FINRA-associated broker, in any capacity. Both these FINRA actions are final.
Disclosures against Pettit
The State of Connecticut has a pending action against Pettit stemming from his tenure at Janney Montgomery Scott. Among the allegations:
- Borrowing money from a customer’s account without notifying the customer or Janney Montgomery Scott
- Borrowing money from one of the firm’s advisory clients
- Engaged in outside business activities with one of the firm’s clients without notifying the firm
- “Self-dealing” with an elderly client’s power of attorney, who has since passed away. Pettit failed to notify the firm of this arrangement, and wrote himself checks as payment for this service in the amount of $69,000. Probate court ultimately denied all but $10,000 in executor’s fees.
- Pettit also violated Section 36b-23 of the Connecticut Uniform Securities Act by failing to provide the agency with accurate information regarding the accounts where he had signatory authority.
- Did not amend his registration filings to disclose several tax liens in his name.
In 2011, a tax lien was issued against Pettit for the 2006 tax period in the amount of $94,542.94.
Did You Invest With James Pettit?
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