Pat Gorand: $1mm Complaint Against JP Morgan Advisor

Winnetka, Illinois financial advisor Pat Gorand (CRD# 5559541) allegedly recommended unsuitable investments, according to a recent investor complaint. Financial Industry Regulatory Authority records show that he is registered as a broker and an investment advisor with JP Morgan Securities.

Mr. Gorand’s BrokerCheck report discloses one investor complaint. Filed in February 2026, it alleges that as a representative of JP Morgan, he recommended unsuitable limited partnership investments. The pending complaint alleges damages of $1 million.

In a statement included with the complaint’s disclosure, Mr. Gorand defended himself against the allegations. “I deny any and all claims of ‘misconduct’ included in the statement of Claim, and further deny that claimant was ‘mistreated’ in any respect in connection with his account,” he wrote. “Claimant, a highly sophisticated and experienced investor, was fully informed of the features and risks of the investment he complains of at the time he made his investment decision some 8 years ago. I intend to vigorously defend myself against these meritless claims.”

For reference, FINRA’s suitability standard holds that stockbrokers must “have a reasonable basis to believe” that the recommendations they make to their clients are appropriate for those clients’ background and needs. As laid out in FINRA Rule 2111, the standard requires brokers to ascertain an investment’s suitability through “reasonable diligence” into the client’s investment profile, which includes their age, net worth, risk tolerance, income, and more. They must arrive a reasonable basis to believe the recommendation is suitable for at least some investors, as well as a reasonable basis to believe it is suitable for the specific customer they’re dealing with. When they are considering a series of transactions in an account over which they have actual or de facto control, they must arrive at a reasonable basis to believe that the series of transactions, “even if suitable when viewed in isolation, is not excessive and unsuitable for the customer.”

According to the Financial Industry Regulatory Authority, Pat Gorand holds 15 years of securities industry experience. Based in Winnetka, Illinois, he has been registered as a broker and an investment advisor with JP Morgan Securities since 2014 and 2023, respectively. He was previously registered with Wells Fargo Advisors in Skokie, Illinois from 2010 until 2014. His credentials include the passage of four securities industry qualifying exams: the Securities Industry Essentials Examination, or SIE; the Uniform Combined State Law Examination, or Series 66; the Uniform Investment Adviser Law Examination, or Series 65; and the General Securities Representative Examination, or Series 7. He holds 55 state licenses. (Information current as of April 19, 2026.)

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