Financial Advisor Anthony Joslin is currently registered with Garden State Securities, Inc. in Red Bank, NJ since 2014, and he was previously registered with J.P. Turner & Co., LLC in Tinton Falls, NJ from 2003 to 2014. Mr. Joslin has disclosed eight customer disputes according to the Financial Industry Regulatory Authority (FINRA) Brokercheck disclosures on his record, along with two regulatory disclosure, one by the predecessor entity to FINRA, the NASD, and one from the State of Massachusetts.
A Financial Advisor Magazine (FA-mag.com) article in 2017 entitled Firm Does What FINRA Won’t: Rates 30 Worst Brokerage Firms, where the Securities Litigation & Consulting Group had performed an analysis finding that only 2.6% of brokers (at firms of more than 200 brokers) have any customer complaints.
Garden State Securities is headquartered in New Jersey and a member of FINRA. According to FINRA Brokercheck, they have 26 dislosures. Of the disclosures, 3 are arbitration and 23 are a regulatory event.
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FINE OF $275,000 AND RETENTION OF INDEPENDENT CONSULTANT.
WITHOUT ADMITTING OR DENYING THE ALLEGATIONS, THE FIRM ENTERED INTO AN ADMINISTRATIVE CONSENT ORDER WITH THE NJ BUREAU OF SECURITIES TO SETTLE ALLEGATIONS THAT THE FIRM FAILED TO REASONABLY SUPERVISE ITS AGENTS AND TO HAVE AN EFFECTIVE SYSTEM OF FOLLOW-UP AND REVIEW WITH RESPECT TO CERTAIN OF ITS BUSINESS ACTIVITIES, AND FAILED TO MAKE AND KEEP CURRENT RECORDS FOR CUSTOMER ACCOUNTS, AND FAILED TO MAINTAIN AND PRESERVE RECORDS REQUIRED BY 17 CFR SECTION 17A-3(A)(17)(I)(A)FOR THE REQUIRED TIME PERIOD. THE FIRM AGREED TO PAY A FINE OF$275,000 IN PERIODIC INSTALLMENTS AND TO RETAIN AN INDEPENDENT CONSULTANT TO CONDUCT A COMPREHENSIVE REVIEW OF THE ADEQUACY OF THE FIRM’S SUPERVISORY POLICIES, SYSTEMS,PROCEDURES AND TRAINING.
THE FIRM WAS CENSURED AND FINED $85,000. FINES PAID IN FULL ON JULY 6, 2018.
THE ALLEGATIONS IN THE COMPLAINT RESULTED FROM A CYCLE EXAMINATION OF THE FIRM IN 2011. IN ORDER TO AVOID THE RISK AND EXPENSE OF CONTINUED LITIGATION, THE FIRM HAS AGREED T OR ESOLVE THIS MATTER WITH THE DEPARTMENT OF ENFORCEMENT WITHOUT ADMITTING OR DENYING THE ALLEGATIONS BY AGREEING TO A CENSURE AND AN ADMINISTRATIVE FINE OF $85,000
$265,000 FINE ($55,000 OF WHICH PERTAINS TO THE VIOLATIONS OF MSR BRULES G-27 AND G-41).
A REQUIREMENT THAT EACH ASSOCIATED PERSON COMPLETE 16 HOUR SOF AML TRAINING; RESPONDENT SHALL UNDERTAKE TO REVIEW ITS SUPERVISORY SYSTEM AND WRITTEN SUPERVISORY PROCEDURES FOR COMPLIANCE WITH THOSE LAWS, REGULATIONS, AND RULES CONCERNING THE PRESERVATION OF ELECTRONIC COMMUNICATIONS.
Allegations of Investment-Related Misconduct By Mr. Joslin at Garden State Securities
Mr. Joslin‘s FINRA Brokercheck reflects allegations that include recommendations of unsuitable securities, unauthorized trading, negligence, and breach of fiduciary duty.
Financial advisors must be properly supervised by firms like Garden State Securities and JP Turner & Company. Brokerage firms owe a duty to investor clients to properly supervise and monitor their employees. Supervisory responsibilities on the part of the firms are a critical component of the securities regulatory scheme. Firms and supervisors cannot ignore red flags and they have responsibilities to detect and prevent improper activity.
As noted in NASD NTM 03-49, brokerage firm supervisory systems are a basic component of self-regulation within the securities industry. An effective brokerage firm supervisory system plays an essential role in the prevention of sales practice and other abuses and, thus, enhances investor protection and market integrity. It is essential that firms monitor the regulatory histories of their associated persons and establish additional measures to supervise the activities of those associated persons with greater potential of creating customer harm.
Seek Compensation for Your Investment Losses
The GardenState Securities broker-dealer firm employed Mr. Joslin and had done so for several years in Red Bank, and this employment may have involved putting public investors at potential risk of unsuitable investment recommendations, misrepresentations and/or other improper securities sales practices.
About Haselkorn & Thibaut, P.A.
Haselkorn and Thibaut, P.A. is a nationwide law firm specializing in handling investment fraud and securities arbitration cases. The law firm has offices in Palm Beach, Florida, on Park Avenue in New York, as well as Phoenix, Arizona and Cary, North Carolina. The two founding partners have nearly 45 years of legal experience.
Haselkorn & Thibaut, P.A. has filed numerous (private arbitration) customer disputes with the Financial Industry Regulatory Association (FINRA) for customers who suffered investment losses relating to issues similar to those matters mentioned above. There are typically no depositions involved, and those cases are typically handled on contingency with no recovery, no fee terms.
Experienced attorneys at Haselkorn & Thibaut, P.A. are available for a free consultation as a public service. Call today for more information at 1 888-628-5590 or visit our website and email us from there at www.investmentfraudlawyers.com.