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John Burns: Received a Regulatory Sanction

John BurnsPublicly available records provided by the Financial Industry Regulatory Authority (FINRA) on December 7, 2016 indicate that former Missouri-based Sagepoint Financial broker John Burns is currently not affiliated with any broker-dealer firm. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Burns (CRD# 5303146).

John Burns has spent eight years in the securities industry and was most recently registered with Sagepoint Financial in Wentzville, Missouri (2015). Previous registrations include Ameriprise Financial Services in Chesterfield, Missouri; UBS Financial Services in Chesterfield, Missouri; and Edward Jones in St. Charles, Missouri. He is currently not registered with any state or firm.

According to his BrokerCheck report, John Burns has received three customer complaints, two pending customer complaints, and one regulatory sanction.

In November 2016 FINRA sanctioned him following allegations he executed unauthorized trades and made unsuitable investments for a “senior couple.” According to FINRA’s complaint: “The findings stated that Burns did not have written discretionary authority to place trades in any of these customer accounts. In four customer accounts, Burns executed the trades without any authorization. In five customer accounts, Burns had some verbal authorization to exercise discretion generally, but exceeded that verbal authorization by executing trades in excess of the available funds in the account. The findings also stated that Burns made unsuitable and unauthorized investments over a two-year period in the account of a senior retired couple, both of whom were over 65 years old. These transactions involved repeated high-risk investments in small drug company stocks which were unsuitable for the customers’ moderate risk tolerance and investment profile. The customers sustained losses in all but one of these investments in an aggregate amount exceeding $50,000.” Mr. Burns was issued a 14-month suspension and a fine of $17,500.

In March 2016 a customer alleged John Burns, while employed at Ameriprise Financial Services, “made fraudulent representations inducing the transfer of the client’s investments to Ameriprise Financial, falsified account agreements, and engaged in transactions that were contrary to the client’s authorizations.” The complaint settled for more than $43,000.

In November 2015 a customer alleged John Burns, while employed at UBS Financial Services, misrepresented and recommended unsuitable investments. The complaint settled in 2016 for $45,000.

In September 2015 he was “permitted to resign” from his position at Ameriprise Financial Services following allegations of “unauthorized trading; unauthorized use of discretion; soliciting equities not meeting firm rating requirements; and inaccurate client file documentation.”

If you have complaints regarding John Burns, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be entitled to recoup your losses. All cases are taken on contingency: we only receive payment if and when you recover money. You may have a limited window to file your complaint, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.