Public records provided by the Financial Industry Regulatory Authority (FINRA) on July 28, 2016 indicate that Massachusetts-based JP Morgan Securities broker/adviser Arthur Karabelas has been named in a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Karabelas (CRD# 1272586).
Arthur Karabelas has spent 27 years in the securities industry and has been registered with JP Morgan Securities in Boston, Massachusetts since 2013. Previous registrations include Merrill Lynch in Newton, Massachusetts; Advest in Hartford, Connecticut; RBC Dain Rauscher in New York, New York; Tucker Anthony in Boston, Massachusetts; CIBC Oppenheimer in New York, New York; Lehman Brothers in New York, New York; Legg Mason Wood Walker in Baltimore, Maryland; and Dean Witter Reynolds. He is a registered broker and investment adviser with 51 US states and territories.
According to his BrokerCheck report, Arthur Karabelas has received one pending customer complaint and one denied customer complaint.
In October 2015, a customer alleged Arthur Karabelas, while employed at JP Morgan, recommended unsuitable master limited partnerships. The customer is seeking $500,000 in damages in the pending complaint.
In 2008, a customer alleged Arthur Karabelas, while employed at Merrill Lynch, misrepresented material facts and made unsuitable investment recommendations. The customer sought unspecified damages in the complaint, which was denied.
A master limited partnership is a publicly traded limited partnership. It offers the tax benefits of a limited partnership and the liquidity of publicly traded securities. An MLP must generate at least 90% of its income from Internal Revenue Service-deemed “qualifying” sources like the production, processing, and transportation of oil, natural gas, and coal. Master limited partnerships can be complicated investments with many risks; investors should seek a complete understanding of any investment from their broker or investment adviser, to ensure the product is suitable. Brokers and investment advisers who recommend unsuitable investments may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has a complaint regarding Arthur Karabelas, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup losses. Fitapelli Kurta accepts every case on contingency: we only get paid if and when you collect money. Time to file your claim may be limited, so we recommend you avoid delay. Call 877-238-4175 now to speak to an attorney for free.