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Rushton Ardrey Allegedly Engages In Unauthorized And Excessive Trading

By June 13, 2019 No Comments

Rushton Ardrey was a Massachusetts based securities broker. He worked in the securities industry for twenty-four years. During his career, he was registered with nine different securities firms.

His registrations include; Prudential Bache Securities (1987-1988), Killebrew & Company (1988-1989), Salomon Smith Barney (1992-2001), Morgan Stanley (2001-2005), UBS Financial Services (2005-2009), Wells Fargo Advisors (2009-2013), Coastal Equities (2013), White, Weld & Co. Securities (2013-2014), and Newport Coast Securities (2014-2015). He is no longer working as a registered securities broker in any fashion.

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

In January 2013, a customer alleged that Ardrey recommended an unsuitable investment strategy involving concentrated stock positions and options trading. They also alleged that Rushton Ardrey unsuitable utilized margin trading and excessively traded their account. This case was settled for $70,000 in damages.

In November 2015, a customer alleged that Rushton Ardrey excessively traded her account. They also alleged that that Ardrey over-concentrated her portfolio in unsuitable investments. This case was settled for $1.1 million in damages.

In February 2016, a customer alleged that Rushton Ardrey made unsuitable investments, handled their account negligently, handled their account with gross negligence, breached his fiduciary duty, made trades in their account without authorization, and churned their account. This case went to arbitration where the customer was awarded an undisclosed amount in damages.

In February 2016, a customer alleged unsuitable and unauthorized trading. The alleged transgressions taking place between 2009 and 2013. This case was settled for $75,000 in damages.

In September 2016, a customer alleged unsuitable investments, breach of regulatory requirements, negligence, breach of fiduciary duty, failure to disclose material information, negligence, gross negligence, unauthorized trading, and churning. This case went to arbitration where the customer was awarded $507,000 in damages.

In June 2018, a customer alleged that Rushton Ardrey concentrated her accounts in Puerto Rican debt and rare earth minerals companies through excessive, unauthorized trading. The alleged transgressions taking place between October 2009 and November 2013. This case was settled for $150,000 in damages.

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