James Flower, formerly with SW Financial, Subject of FINRA Complaint
Have you lost money with financial advisor James William Flower from Melville, New York? We are looking into allegations made by FINRA (the Financial Industry Regulatory Authority) against James or Jim Flower. FINRA filed a complaint against Flower regarding allegations while he was affiliated with SW Financial, or Salomon Whitney Financial.
Flower was being investigated regarding allegations that he engaged in unsuitable and excessive trading (churning) in five customer accounts. FINRA alleged that Flower’s customers had accounts with cost-to-equity ratios of 69% to 176% while at SW Financial. To put this in perspective, if an account had a cost equity ratio of 50%, that means the trading in the account would have to make a 50% profit annually just to break even from the costs of trading.
James Flower (Jim Flower) was a registered representative and financial advisor with SW Financial (Salomon Whitney) from December 2015 to June 2019. He was been with Spartan Capital Securities from June 2019 to the present. He worked out of a branch office in Melville, New York. Flower has also been the subject of at least four customer complaints.
Broker-dealers like SW Financial and Spartan Capital Securities have a responsibility to adequately supervise all representatives who are registered through their firm, including investments sold by their registered representatives. Broker-dealers also must take steps to ensure that their financial advisors follow all securities rules and regulations. When broker-dealers fail to adequately supervise their registered representatives, they may be liable for investment losses sustained by customers.
Israels & Neuman PLC is a securities and investment fraud law firm with offices in Denver, Colorado; Seattle, Washington; Phoenix, Arizona; and Ann Arbor, Michigan. We represent investors in FINRA arbitration proceedings in all 50 states, including investors in New York. Our attorneys have represented over one thousand investors against many brokerage firms in the past.