Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on December 12, 2016 indicate that New York-based Portfolio Advisors Alliance broker Howard Allen has been named in a pending civil complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Allen (CRD# 2033586).
Howard Allen has spent 26 years in the securities industry and has been registered with Portfolio Advisors Alliance in New York, New York since 2009. Previous registrations include Allen Partners in New York, New York; JP Turner & Company in New York, New York; Sands Brothers in New York, New York; and Madison Chapin Associates, which has been expelled by FINRA, in New York, New York. He is a registered broker with 29 US states and territories.
According to his BrokerCheck report, Howard Allen has received four customer complaints, three regulatory sanctions, and one pending civil complaint.
In February 2016 the Securities and Exchange Commission named Howard Allen respondent in a complaint alleging that his firm acted as a placement agent for a lending company that “repeatedly lying to investors purchasing high-yield securities.” According to the SEC: “The Firm, its owner Howard Allen, and its president allegedly knew the offering documents were inaccurate yet continued using them to solicit sales of the Company’s securities. According to the SEC’s complaint filed in federal district court in Manhattan: While the Firm acted as the placement agent, Allen became aware that the Company’s offering documents were not accurate. But he continued using them to solicit investors without informing them the financial statements were unaudited. Allen informed the Firm’s president that the Company’s offering documents contained false information, but the president took no action and the Firm’s brokers continued using misleading documents to solicit investors.” The action remains pending.
In 2012 FINRA sanctioned Howard Allen following allegations he “participated in several private securities transactions with investors from which he received selling compensation, without providing prior written notice or oral notice to these firms of his proposed roles in, or the selling compensation that he may receive from, the transactions.” He was issued an eight-month suspension and a fine of $10,000.
If you or someone you know has lost money investing with Howard Allen, 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. We accept all cases on contingency: Fitapelli Kurta only gets 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.