Broker James Dresselaers, H. Beck in Bethesda, MD
FINRA alleges James Dresselaers made Unsuitable Investment Recommendations
According to a press announcement, in January 2020, CFP Board reportedly issued an order permanently revoking Dresselaers’s right to use the CFP® certification marks. Mr. Dresselaers had administratively relinquished his CFP® certification in March 2020.
This discipline followed Dresselaers’ alleged failure to file an answer to CFP Board’s Complaint within the required timeframe. According to the complaint, Dresselaers allegedly made unsuitable recommendations on nontraditional electronically traded funds and metal and mining stocks to a client.
The Commission further alleged that the Financial Industry Regulatory Authority, Inc. (FINRA) and Dresselaers entered into a Letter of Acceptance, Waiver and Consent (AWC) in August 2017, and reportedly” suspended him for 60 days, fined him $10,000, and ordered disgorgement of commissions earned in the amount of $18,708.”
According to FINRA rules, a registered broker must have reasonable grounds for believing that the recommendation is suitable for the customer upon the basis of the facts, if any, disclosed by the customer as to his other security holdings and as to his financial situation and needs.
The Complaint also alleged that, in February 2018, Dresselaers and the Commissioner of the Securities Division of Maryland consented to findings that he allegedly “made unsuitable recommendations in violation of Maryland law and that he was ordered to permanently cease and desist, suspended from serving as an agent and investment adviser representative.”
According to his FINRA BrokerCheck report, Dresselaers was reportedly registered with H. Beck in Bethesda, MD from 2003 until 2017. He reportedly has five customer complaints filed against him, according to his broker profile. Allegations include unsuitable investment recommendations, among others.
Investigating Potential Lawsuits
The White Law Group is investigating potential lawsuits regarding the liability that Dresselaers’ former employers may have for failure to properly supervise him.
When brokers violate securities laws, such as making unsuitable investments, the brokerage firm they are working with may be liable for investment losses through FINRA Arbitration. Brokerage firms that fail to monitor the business activities of their employees may be liable for investment losses due to negligent supervision for the misconduct of their employees.
We represent investors in FINRA arbitration claims in all 50 states, including Maryland. If you are concerned about your investments with James Dresselaers, please call the securities fraud attorneys at The White Law Group at 888-637-5510 for a free consultation.
For more information on The White Law Group, and its representation of investors, please visit www.WhiteSecuritiesLaw.com. The White Law Group is a national securities fraud, securities arbitration, and investor protection law firm with offices in Chicago, Illinois and Franklin, Tennessee.