Johnny Earl Burris – and the firm that employs him or her – is regulated by the Financial Industry Regulatory Authority (FINRA).
If you are like most people, before you go out to dinner at a new restaurant, you probably take a quick look at the reviews. This makes sense; you are going to pay for an expensive dinner, and you need to be sure that you are getting a good value.
Yet, when choosing a financial advisor, many people fail to conduct this same level of due diligence. Before turning over access to your money, you need to be sure that you have found a financial advisor that you can trust. Here, our audit report, including details of allegations, complaints, and sanctions will help you decide whether or not to invest with Johnny Earl Burris.
The stock market is a device for transferring money from the impatient to the patient… Warren Buffet
BrokerComplaints.com is currently investigating allegations related to Johnny Earl Burris. We provide a free platform for investors to help them in their claims against negligent brokers and brokerage firms.
About Johnny Burris
Johnny Earl Burris is an Investment Adviser. Johnny Earl Burris’s Central Registration Depository (CRD) number is 2850953 and the FINRA Profile can be found at – https://brokercheck.finra.org/individual/summary/2850953.
Click here to download a Detailed Audit Report for Johnny Earl Burris.
Johnny Earl Burris has previously been reprimanded and has disclosures and/or client dispute(s) listed at FINRA BrokerCheck.
Accusations and Disclosures
You can find below, a quick snapshot of Johnny Earl Burris’s regulatory actions, arbitrations, and complaints.
DISCLOSURE 1 –
- Event Date: 9/15/2016
- Disclosure Type: Regulatory
- Disclosure Resolution: Final
- Disclosure Detail :: DocketNumberFDA: 2015044921601
- DocketNumberAAO: 2015044921601
- Initiated By: FINRA
- Allegations: Burris was named a respondent in a FINRA complaint alleging that he failed to execute a trade for his customers according to their instructions. The complaint alleges that the customers instructed Burris to liquidate one of their securities holdings, which were shares in a mutual fund, in order to fund a tax payment to the IRS, and his failure to do so caused the customers’ payment to the IRS to be rejected for insufficient funds. The complaint also alleges that after the customers complained to Burris about their failed tax payment, he took multiple steps to resolve the customers’ complaint himself without informing his member firm. Burris verbally informed the customers that he would take care of their issue; executed a new trade; had a cashier’s check drafted and sent that check to the IRS to satisfy the customer’s remaining tax liability; sent the customers a follow-up letter apologizing for his error and assuring them he would remedy any fees or penalties that may have resulted from his error; and sent the IRS a letter requesting that the IRS forgive the customers’ fees and penalties. The complaint further alleges that in connection with his attempt to settle the customers’ complaint away from the firm, Burris created and sent unapproved and misleading correspondence to the customers and to the IRS that did not follow the firm’s Code of Conduct and applicable written procedures.
- Resolution: Decision & Order of Offer of Settlement
- Sanction Details :: Sanctions: Civil and Administrative Penalty(ies)/Fine(s)
- Sanction Details :: Amount: $5,000.00 Sanctions: Suspension
- Sanction Details :: Registration Capacities Affected: Any capacity
- Duration: five business days
- Start Date: 4/17/2017
- End Date: 4/21/2017
DISCLOSURE 2 –
- Event Date: 5/14/2013
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Settled
- Disclosure Detail :: Allegations: CLIENT ALLEGES UNAUTHORIZED TRADING AND INKED IN INFORMATION AFTER THE CLIENT SIGNED THE FORM. ACTIVITY DATE 03/06/2012-03/06/2012
- Damage Amount Requested: $9,924.07
- Settlement Amount: $8,711.00
- Arbitration Docket Number:
- Broker Comment: OSHA’s OFFICE OF THE WHISTLEBLOWER CONCLUDED ON 1-10-17 JP MORGAN’s TERMINATION WAS RETALIATORY. OSHA AWARDED THE RR DAMAGES, BACK PAY, ALL ATTORNEY FEES, AND EXPUNGEMENT. REGARDING THIS COMPLAINT: THE ACTUAL DATE OF THE ORIGINAL COMPLAINT IS 3-27-13 AND NOT 5-14-13. PER CLIENT SIGNED AFFIDAVITS, JP MORGAN CHASE & CO. PERSONNEL HAVE DRAFTED, MULTIPLE FALSE AND/OR MISLEADING COMPLAINTS. DESPITE VERIFIABLE, FALSE STATEMENTS BY THIS CLIENT. THE FIRM SETTLED THE ALLEGATIONS WITHOUT GIVING THE RR THE OPPORTUNITY TO RESPOND TO THE ALLEGATIONS.
DISCLOSURE 3 –
- Event Date: 4/11/2013
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Denied
- Disclosure Detail :: Allegations: CLIENT ALLEGES SUITABILITY AND MISREPRESENTATION REGARDING MANAGED ACCOUNT INVESTMENT. ACTIVITY DATES 06/25/2012-06/26/2012.
- Damage Amount Requested: $18,000.00
- Arbitration Docket Number:
- Broker Comment: OSHA’s OFFICE OF THE WHISTLEBLOWER CONCLUDED ON 1-10-17 JP MORGAN’s TERMINATION WAS RETALIATORY. OSHA AWARDED THE RR DAMAGES, BACK PAY, ALL ATTORNEY FEES, AND EXPUNGEMENT. REGARDING THIS COMPLAINT: PER CLIENT SIGNED AFFIDAVITS AND VERIFIED BY JP MORGAN CHASE, THE FIRM’S PERSONNEL DRAFTED MULTIPLE COMPLAINTS ON BEHALF OF CLIENTS. THE TIMING OF THIS COMPLAINT IS ONLY 1 DAY AFTER ANOTHER, CLIENT CONFIRMED, SOLICITED, FALSE, BANK DRAFTED COMPLAINT. DESPITE THIS FACT, THE FIRM DID A THOROUGH REVIEW. AFTER FIRM REVIEWED THE TAX RETURNS, THE LOSSES OCCURRED FROM A CONDOMINIUM SALE. THE LOSS ON HER TAXES WERE IN NO WAY RELATED TO SECURITIES AND THE COMPLAINT WAS DENIED.
DISCLOSURE 4 –
- Event Date: 4/10/2013
- Disclosure Type: Customer Dispute
- Disclosure Resolution: Denied
- Disclosure Detail :: Allegations: CUSTOMER ALLEGES MISREPRESENTATION AND SUITABILITY IN CONNECTION WITH MUTUAL FUNDS. ACTIVITY DATE 03/09/2012.
- Damage Amount Requested: $6,488.40
- Arbitration Docket Number:
- Broker Comment: OSHA’s OFFICE OF THE WHISTLEBLOWER CONCLUDED ON 1-10-17 JP MORGAN’s TERMINATION WAS RETALIATORY. OSHA AWARDED THE RR DAMAGES, BACK PAY, ALL ATTORNEY FEES, AND EXPUNGEMENT. REGARDING THIS COMPLAINT: PER THE CLIENT SIGNED AFFIDAVIT AND JP MORGAN HAS ACKNOWLEDGED THIS ALLEGED COMPLAINT WAS DRAFTED BY THE FIRM’S PERSONNEL. AGAINST COMPANY POLICIES, IT WAS DRAFTED BY A FINRA LICENSED PRINCIPAL. THIS IS NOT THE ONLY SOLICITED, FALSE AND/OR MISLEADING BANK DRAFTED COMPLAINT. ACCORDING TO THE CLIENT SIGNED AFFIDAVIT SHE WAS TOLD TO SIGN THE DOCUMENT TO GET SOME MONEY BACK.
DISCLOSURE 5 –
- Event Date: 11/6/2012
- Disclosure Type: Employment Separation After Allegations
- Disclosure Resolution:
- Disclosure Detail :: Firm Name: JPMORGAN SECURITIES LLC
- Termination Type: Discharged
- Allegations: REGISTERED REPRESENTATIVE (RR) FAILED TO FOLLOW FIRM PROCEDURES IN ADDRESSING A CUSTOMER CONCERN REGARDING A LATE ORDER ENTRY WHICH RESULTED IN A LOSS OF $635. IN AN EFFORT TO ASSIST THE CLIENT, HE FAILED TO HAVE AN OUTGOING LETTER APPROVED BY A FIRM PRINCIPAL. IN ADDITION, AN ISSUE AROSE CONCERNING A CLIENT-INITIATED PURCHASE WHICH WAS RECORDED BY RR AS UNSOLICITED AND WHETHER THAT NOTATION WAS CONSISTENT WITH FIRM PROCEDURES GIVEN THE NATURE OF INFORMATION PROVIDED BY RR TO THE CLIENT.
- Broker Comment: OSHA’s OFFICE OF THE WSHITLEBLOWER CONCLUDED ON 1-10-17 JP MORGAN’s TERMINATION WAS RETALIATORY. OSHA AWARDED THE RR DAMAGES, BACK PAY, ALL ATTORNEY FEES, AND EXPUNGEMENT. OSHA ALSO AWARDED ALL NEGATIVE REFERENCES RELATING TO THE TERMINATION AND COMPLAINT/S REMOVED.
According to a study prepared for the FINRA Investor Education Foundation, 80 percent of American investors report that they have been solicited to participate in a fraud scheme, while 11 percent of American investors report that they personally lost money as a result of fraud.
FINRA notes that the rate of investment fraud is most likely much higher than it is reported. This is because many victims of financial advisor scams are too ashamed to come forward. Further, the study also found that a significant number of investors do not know how to spot common red flags of investment fraud. The least you should do is share your experience with other potential victims of investment scams.
Previous Associations
Under federal securities law and securities industry regulations, registered investment firms have a legal duty to supervise their financial advisors. Section 15(b)(4)(E) of the Securities and Exchange Act of 1934 makes a securities firm liable for the conduct of representatives.
- SOUTHEAST INVESTMENTS, N.C., INC. (CRD#: 43035) :: 3/11/2014 – 6/2/2015 :: CHARLOTTE, NC
- OPPENHEIMER & CO. INC. (CRD#: 249) :: 2/26/2013 – 3/14/2014 :: SCOTTSDALE, AZ
- J.P. MORGAN SECURITIES LLC (CRD#: 79) :: 10/1/2012 – 12/12/2012 :: SUN CITY WEST, AZ
- CHASE INVESTMENT SERVICES CORP. (CRD#: 25574) :: 7/14/2010 – 10/1/2012 :: SUN CITY WEST, AZ
- INVESTORS CAPITAL CORP. (CRD#: 30613) :: 1/4/2000 – 12/31/2005 :: SUN CITY WEST, AZ
- BANC OF AMERICA INVESTMENT SERVICES, INC. (CRD#: 16361) :: 7/12/1999 – 10/14/1999 :: BOSTON, MA
- BA INVESTMENT SERVICES, INC. (CRD#: 12965) :: 4/1/1997 – 7/12/1999 :: OAKLAND, CA
The duty to supervise securities representatives is a strong legal requirement. Registered investment firms must take many different steps to ensure that they are protecting their customers from irresponsible and criminal financial advisors.
Legit or Not?
Unfortunately, stockbroker fraud is more common than many investors would like to think. And yes, stockbrokers (including Johnny Earl Burris, but not limited to) can (and do) steal money from their clients. While it’s rare that a broker will literally steal his client’s money (though that does happen), typically the “theft” of investment funds comes in the form of other fraudulent violations of securities law and FINRA rules which leads to significant investment losses.
Sometimes investment losses occur because advisors, stockbrokers, and even brokerage firms, commit fraud. Massimo Vignelli
Investors generally understand that there are risks associated with buying and selling securities. The market can go up, and the market can go down. No matter how skilled of an investor you are, there are always risks. With that being said, sometimes investment losses cannot be blamed on simple back luck.
There are 10 major types of complaints we receive against Investment Brokers –
- Outright Theft (Conversion of Funds)
- Unauthorized Trading
- Misrepresentation or Omission of Material Facts
- Excessive Trading (Churning)
- Lack of Diversification
- Unsuitable Investment Recommendations
- Failure to Disclose a Personal Conflict of Interest
- Front Running of Transactions
- Breakpoint Sale Violations
- Negligent Portfolio Management
Do your due diligence before investing. Public records are available for everybody to review and decide on the safest bet.
How to Protect Yourself
We, as citizens, place a great deal of trust in the financial advisors who are tasked with helping us achieve and maintain financial security. Most of the time financial advisors and stockbrokers are honest folks who work diligently in their client’s best interests. However, on occasion financial advisors and the brokerage firms who employ them mess up and cause serious financial harm to their clients. Sometimes these losses are caused by simple negligence. Other times fraud or other serious misconduct is to blame.
Here are 5 signs that your broker needs to be reported –
- Breach of Fiduciary Duty: Under the Investment Advisers Act of 1940, certain investment professionals, known as registered investment advisors (RIAs), owe fiduciary obligations to their customers. Your investment broker must always look out for your best interests. If you lost money because of your broker’s breach of fiduciary duty, you may be entitled to compensation for the full value of your damages.
- Unsuitable Investments: Many financial advisors are not fiduciaries. Instead, they are held to the suitability standard. These stockbrokers and financial advisors can only sell and recommend financial products that are appropriate for a customer’s unique investment profile. If you lost money in unsuitable investments, you should consider reporting them.
- Material Misrepresentations or Omissions: Brokers have a duty to make fair and honest representations to their clients. If they fail to do so, and an investor loses money due to a misrepresentation or a material omission, the broker may be liable for the investor’s losses.
- Lack of Diversification: Brokers must also act with the appropriate level of professional skill. Pushing a customer into over-concentrated investments is highly risky. Brokers can be held liable for losses sustained because of an investor’s inappropriate lack of diversification.
- Excessive Trading (Churning): Stockbrokers and financial advisors must have a well-grounded, reasonable basis to execute all trades. Unfortunately, there are cases in which brokers will frequently trade on a customer’s account, simply to increase their own fees. This unlawful practice is known as churning.
- Unauthorized Trading: Brokers must have the proper legal authority to make transactions on behalf of a client. If you lost money because your broker made trades that you never approved of, you may have been the victim of unauthorized trading. You should consult with an experienced attorney.
Report Johnny Burris
In order to prevail in an investment fraud lawsuit or FINRA arbitration cases, you must be able to assert a viable ‘cause of action’.
Johnny Earl Burris – and the firm that employs this broker – is regulated by the Financial Industry Regulatory Authority (FINRA). FINRA provides an online form to allow investors to file a formal complaint against their financial advisor, stockbroker, or brokerage firm.
Click here to go to FINRA’s Online Complaint Form →
This form will ask you for specific information related to your complaint. Be prepared by gathering the following:
- Name and symbol for the investment product in question.
- The CRD number (2850953) for the broker – Johnny Earl Burris
- Your complete contact information.
Remember, it is advised to report your broker to FINRA, only after you have exhausted all of your other remedies and carefully prepared a compelling complaint. Once you file a complaint against your broker at FINRA, your case will be bound by FINRA’s rules and the arbitration panel’s eventual decision. The time clock will start, and your complaint will be served on your broker or broker-dealer.
The views and opinions expressed in these articles are those of the source BROKERCOMPLAINTS.COM and do not necessarily reflect the official position of ‘Scam Recoup,’ which shall not be held liable for any inaccuracies presented. The information provided within this article is for general informational purposes only. While we try to keep the information up-to-date and correct, there are no representations or warranties, express or implied, about the completeness, accuracy, reliability, suitability or availability of the information in this article for any purpose.
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