Broker James Henry Dresselaers – Complaints & Compensation

Broker James Henry Dresselaers License Revoked, Allegations of Unsuitable ETF Sales

According to FINRA’s BrokerCheck, James Henry Dresselaers has had his FINRA registration revoked as of December 2019 following failure to pay fines and/or costs. The former broker had 34 years of experience in the securities industry associated with six different firms. Including three regulatory finals, there have been eight disclosures involving Mr. Dresselaers.

In December 2015, a customer alleged that Mr. Dressalears recommended highly unsuitable Exchange Traded Funds, alleging that Mr. Dressalears failed to disclose associated risks with the securities. This case was settled for $1.5 million in damages.

An Exchange Traded Fund (ETF) is a type of security that tracks an index, sector, commodity, or other asset, but can be purchased or sold on a stock exchange just like a regular stock.

FINRA sanctioned Mr. Dresselaers in September 2017. Findings state that Dresselaers recommended non-traditional ETFs and privately traded equities from the precious metals and mining sectors to a firm customer. FINRA also stated that these recommendations were highly unsuitable for an investor with very little experience and moderate risk tolerance. These alleged recommendations caused the client to lose over $1 million in damages. FINRA ordered Dresselaers to pay $10,000 in fines, $18,708 in disgorgement, and Dresselaers was suspended from acting as a broker in any fashion for a period of 60 days.

In February 2018, a client alleged that Dresselaers recommended highly unsuitable ETFs and private equity securities, but failed to disclose the associated risks. The case was settled for over $1 million in damages.

In March 2018 three separate clients alleged Dresselaers once again recommended unsuitable ETFs. The first was settled for alleged damages of $500,000. The second allegation included recommendations in Private Placements and various other private equity securities and settled for $2 million in damages. The final allegation regarding unsuitable recommendations in non-traditional ETFs settled for $285,000 in damages.

If you suffered losses due to James Henry Dresselaers’ recommendations, you may have a right to recover your losses. Brokers are required to conduct appropriate due diligence, accurately describe the risks and rewards of the investments they offer, and only recommend suitable investments to their clients. If you have a potential claim involving Mr. Dresselaers, contact us today for a free case review. 

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