Customers File Complaints Against First Financial Equity Broker John Schooler

by Gray on October 21, 2015

in Uncategorized

According to the Financial Industry Regulatory Authority (FINRA), broker John Schooler (Schooler) has accumulated 26 customer complaints over his career in the securities industry.

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Schooler’s customer complaints have reportedly ranged from negligence, fraud, breach of fiduciary duty, misrepresentations to unsuitable investment recommendations.  The customer complaints reportedly alleged unsuitable recommendations of private placements, including high-risk, high-commission investments in oil and gas as well as non-traded REITs, equipment leasing programs and tenancies-in-common (TICs).

Schooler has spent 22 years in the securities industry. From 1994 to July 2011, Schooler was registered with WFP Securities. Schooler has been registered with First Financial Equity Corporation, in Scottsdale, Arizona, since July 2011.

TICs and oil and gas interests tend to be inappropriate investments for individuals with moderate risk tolerance. Brokers are often incentivized to recommend these programs because of the high commission rate (as high as 10%) that the investments carry.  When a broker recommends that a client purchase or sell a security, the broker must have a reasonable basis for believing that the recommendation is suitable for the investor.  In making this assessment, a broker must consider the investors income and net worth, investment objectives, risk tolerance, and other security holdings.

If you believe you have been the victim of stockbroker misconduct, you may wish to consult an attorney to find out more about your legal rights and options. Investors may contact a securities arbitration attorney at Law Office of Christopher J. Gray, P.C. at (866) 966-9598 or newcases@investorlawyers.net for a no-cost, confidential consultation.

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