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Broker Spotlight: Charles Phelps

Charles PhelpsPublic records published by the Financial Industry Regulatory Authority (FINRA) on July 26, 2016 indicate that Kentucky-based JJB Hilliard broker/adviser Charles Phelps has been the subject of customer complaints. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Phelps (CRD# 2335942).

Charles Phelps has spent 23 years in the securities industry and has been registered with JJB Hilliard WL Lyons in Louisville, Kentucky since 2010. Previous registrations include Morgan Keegan & Company in Louisville, Kentucky; UBS PaineWebber in Weehawken, New Jersey; and JC Bradford & Company in New York, New York. He is a registered broker and investment adviser with 16 US states and territories: Alabama, California, Florida, Georgia, Illinois, Indiana, Kentucky, Michigan, Mississippi, Ohio, Oregon, Tennessee, Texas, Utah, Virginia, and Washington.

According to his BrokerCheck report, Charles Phelps has received four customer complaints and one pending customer complaint.

In December 2015, a customer alleged Charles Phelps, while employed at JJB Hilliard WL Lyons, engaged in unauthorized in excessive trades. The customer is seeking $190,000 in damages in the pending complaint.

In 2008, a customer alleged Charles Phelps, while employed at Morgan Keegan & Company, misrepresented and recommended unsuitable closed end funds. The complaint settled in 2009 for $72,500.

In 2006, a customer alleged Charles Phelps, while employed at Morgan Keegan & Company, made unsuitable recommendations, churned the account, executed unauthorized trades, acted negligently, and failed to supervise. The complaint settled in 2008 for $5,000.

In 2003, a customer alleged Charles Phelps, while employed at UBS PaineWebber, made or recommended unsuitable investments and churned the account. The complaint settled in 2004 for $31,250.

In 2001, a customer alleged Charles Phelps, while employed at UBS PaineWebber, executed unauthorized trades and recommended unsuitable investments the complaint settled in 2002 for $625,000.

FINRA rules and federal securities law forbid financial professionals like Charles Phelps from executing transactions without a customer’s permission or authorization. There are some exceptions, including discretionary accounts and, in some circumstances, margin accounts. Brokers, investment advisers, and broker-dealer firms who effect unauthorized trades may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.

If you have lost money investing with Charles Phelps, you may be entitled to recoup your losses. Call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. All cases are taken on contingency: Fitapelli Kurta only gets paid if and when you recover money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.