Former Customers of John Howley May Be Entitled to Recover Losses For Unsuitable Investment Recommendations
The Financial Industry Regulatory Authority (FINRA) has barred John C. Howley, also known as Jack C. Howley, from acting as a broker or otherwise associating with a broker-dealer firm in September of 2019. FINRA states that Howley failed to appear and provide testimony requested in connection with its investigation into allegations reported by Howley’s member firm in a Form U5 that states he failed to disclose private securities transactions to the firm and referred clients to outside investments. By refusing to appear for on-the-record testimony, Howley violated multiple FINRA rules.
Howley was a registered broker with 23 years of experience at two firms, Guardian Investor Services Corporation from January 1995 through May 1999 and Park Avenue Securities LLC from May 1999 through his termination on November 13, 2018.
In addition to Howley’s indefinite barring from acting as a broker, there are 9 other disclosures on his FINRA BrokerCheck file, eight of which are settled and an employment separation after allegations in connection to the regulatory final barring.
Howley’s first dispute was in January 2006 when clients alleged that Howley was negligent of his fiduciary duties in connection with their brokerage accounts and life insurance policies. Claimants alleged damages of approximately $980,000.
When Howley’s Employment Separation after Allegations came in October 2018, numerous disputes came flooding in. These disputes all appear to include allegations regarding investments in Global Credit Recovery, an alleged fraudulent investment scheme.
In November 2018, almost exactly one month after Howley was separated from Park Avenue Securities; two customer disputes were filed just days apart from each other. The first alleged that Howley violated his suitability obligation and was negligent in recommending $2 million aggregate investment in Global Credit Recovery. The client requested $2,500,000.00 in alleged damages. The next dispute against Howley alleged a $1 million loss of investment in Global Credit Recovery; this client requested a refund of their whole life insurance policy premiums sold to them by Howley because they could no longer afford the policies after the investment loss.
Clients’ allegations suggest that losses from Howley’s irresponsible investment recommendations in Global Credit Recovery total over $6 million.
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