Current Investigations

James Eichner Allegedly Trades His Clients’ Accounts Excessively

By June 26, 2019 No Comments

James Eichner was a New York based securities broker. He worked in the securities industry for eighteen years. During his career, he was registered with seven different securities firms.

His registrations included; Ladenburg Capital Management (2000-2001), Harrison Securities (2001-2003), Joseph Stevens & Company (2003-2004), S.W. Bach & Company (2004-2005), S.W. Bach & Company (2005-2006), National Securities Corporation (2006-2018), and Allied Millennial Partners (2018-2019). He is no longer working as a registered securities broker in any fashion.

James Eichner’s publicly available FINRA BrokerCheck report shows that he has received multiple customer complaints over the course of his career.

In December 2008, a customer alleged that James Eichner failed to follow their instructions. This case was settled for $35,000 in damages.

In April 2010, a customer alleged that James Eichner excessively traded their account. This case was settled for $90,000 in damages.

In April 2015, a customer alleged unauthorized trading, unsuitability, excessive trading, breach of fiduciary duty, misrepresentation, fraud, & poor investment recommendations. This case was settled for $30,000 in damages.

In June 2015, a customer alleged negligence and breach of fiduciary duty. This case was settled for $125,000 in damages.

In January 2018, James Eichner was discharged from his position at National Securities. This followed allegations that he failed to truthfully disclose a reportable event on internal and regulatory questionnaires.

In April 2019, James Eichner was officially sanctioned by FINRA. The findings in this matter state that he exercised discretion in customers’ account without the proper authorization or by having his member firm accept the account as discretionary. Due to these alleged actions, he was fined $10,000 and suspended from acting as a securities broker in any fashion for a period of 45 business days. James Eichner resigned from his position at Allied Millennial Partners three months prior amidst the allegations.

Oakes & Fosher dedicates its entire legal practice to helping investors across the nation. If you, or someone you know, have lost money investing with James Eichner, please contact Oakes & Fosher for a free and private consultation.