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Read MoreJohn James: Former Merrill Lynch and Stifel Financial Advisor Barred By Regulators
Minnesota-based financial advisor John M. James has been barred by the Financial Industry Regulatory Authority (FINRA). This news follows a March 2016 resignation from Merrill Lynch, Pierce, Fenner & Smith with allegations that James was “engaging in undisclosed outside business activity/private investments and borrowing money from clients” and a September 2016 termination from Stifel Nicolaus with allegations that he “provided inaccurate information on his employment application…regarding the status of an internal inquiry at his prior firm.”
John James entered into a Letter of Acceptance, Waiver and Consent with FINRA dated December 27, 2017. According to the Letter of Acceptance, James was barred for failing to appear for on-the-record testimony pursuant to FINRA Rule 8210. Presumably, FINRA requested James submit to on-the-record testimony in an investigation regarding his terminations from Merrill Lynch and Stifle Nicolaus, and allegations of outside business activity, private investments and borrowing money from clients. According to FINRA, James violated FINRA Rules 8210 and 2010 by not appearing for testimony.
In 2009, John James received a customer complaint alleging unsuitable investment recommendations and $224,500 in damages. That claim was settled for $160,000.
John James began his securities career in 2003 with Piper Jaffray & Co., transferred to Merrill Lynch in 2006, and then to Stifle in March 2016.
