Red Bank, NJ Stockbroker Named or Otherwise Involved in Eight Customer Disputes
As disclosed through FINRA BrokerCheck, Garden State Securities registered representative and investment adviser Anthony Richard Joslin (CRD# 2281191) has been named or otherwise involved in eight customer disputes. Most recently, around June 2019, a customer of Mr. Joslin filed a securities arbitration claim alleging “negligence, breach of contract, breach of fiduciary duty, fraud and misrepresentation” seeking damages of $300,763.
Mr. Joslin has nearly 30 years of experience in the securities industry, having begun working for now-defunct Lehman Brothers Inc. in 1992. Since March 2014, Mr. Joslin has been affiliated with Garden State Securities, Inc. (Garden State) of Red Bank, New Jersey. During his career as a financial advisor, Mr. Joslin has disclosed eight customer disputes, spanning nearly two decades. Of these disputes, five resulted in settlement in an aggregate amount of approximately $250,000. The most recently filed claim, alleging damage of approximately $300,000, remains pending as of this writing.
In June 2014, in light of Mr. Joslin’s regulatory record, Massachusetts securities regulators secured a Civil Order directing his employer, Garden State, to place Mr. Joslin on heightened supervision for a period of three years. Beyond regulation at the state level, applicable FINRA rules mandate that financial advisors like Mr. Joslin are properly and adequately supervised by their employer. In fact, brokerage firms like Garden State have a legal obligation and owe a duty to investors to properly supervise and monitor their employees.
Under FINRA Rule 3110 (NASD Rule 3010), brokerage firms must “establish and maintain a system to supervise the activities of each associated person that is reasonably designed to achieve compliance” with applicable FINRA rules, in addition to federal and state securities laws. It is critical for brokerage firms like Garden State to not only establish an adequate supervisory system, but furthermore to properly maintain their supervision by, among other things, periodically meeting with individual financial advisors to discuss the products they are selling and their sales methods, as well as to examine correspondence with customers. In instances where an underlying securities law violation occurs—such as where a broker unsuitably invests a portfolio or where he or she engages in excessive trading—then the brokerage firm may be held liable for any failure to adequately supervise their employee.
The attorneys at Giarrusso Law Group LLC have considerable experience in working closely with investors to resolve all manner of issues concerning investment losses, including losses suffered due to misconduct or negligence by a stockbroker or financial advisor. Investors may pursue a claim to recover monies through securities arbitration before FINRA, or in some instances, through litigation. Investors who wish to discuss a possible claim may contact us by telephone at (201) 771-1115 or by email at info@gialawgroup.com for a no-cost and confidential consultation.