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Philip Connors: FINRA Alleges Churning by Ex-Worden Advisor
The Financial Industry Regulatory Authority is investigating Philip Connors (CRD# 5274094), a financial advisor last based in Point Pleasant Beach, New Jersey. Financial Industry Regulatory Authority records show that he was most recently a broker with Monmouth Capital Markets and was previously registered with Worden Capital Management.
In April 2022 FINRA made a preliminary determination to recommend disciplinary action against Mr. Connors, according to a disclosure on his BrokerCheck report. The disclosure states further that the action would allege willful violations of FINRA rules and the Securities Exchange Act in relation to allegations that he churned customer accounts, excessively traded customer accounts, and recommended an unsuitable active trading strategy to his customers. The action has not yet been brought against him, per FINRA records.
Mr. Connors’ BrokerCheck report discloses several customer complaints. The most recent, filed in 2019, alleged that as a representative of Worden Capital Management, he engaged in excessive and unsuitable trading in the customer’s retirement account, made false and misleading statements, committed fraud, made negligent misrepresentations, and breached his fiduciary duty. In 2020 the complaint reached a settlement of $14,999.
An earlier complaint, filed in 2014, alleged that as a representative of Meyers Associates, Mr. Connors used margin without authorization in 2013. The complaint reached a settlement of $1,373.
According to the Financial Industry Regulatory Authority, Philip Connors holds 11 years of securities industry experience. Though he is not currently registered as a broker, he was last registered in Point Pleasant Beach, New Jersey. His past registrations include Monmouth Capital Management, Worden Capital Management, Laidlaw & Company, Meyers Associates, and Buckman Buckman & Reid. His credentials include the passage of three securities industry qualifying exams: the General Securities Representative Examination, or Series 7; the Securities Industry Essentials Examination, or SIE; and the Uniform Combined State Law Examination, or Series 66. He currently holds no state licenses. (Information current as of July 12, 2022.)
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