Public records published by the Financial Industry Regulatory Authority (FINRA) on December 2, 2016 indicate that Massachusetts-based RBC Capital Markets broker/adviser Phillip Cheney is the subject of a pending customer complaint. The securities and investment fraud law firm Fitapelli Kurta is interested in hearing from investors who have complaints regarding Mr. Cheney (CRD# 2496092).
Phillip Cheney has spent 22 years in the securities industry and has been registered with RBC Capital Markets in Norwell, Massachusetts since 2003. Previous registrations include UBS Financial Services in Weehawken, New Jersey; Wachovia Securities in St. Louis, Missouri; Everen Securities; MetLife Securities in Springfield, Massachusetts; and Metropolitan Life Insurance Company in New York, New York. He is a registered broker and investment adviser with 22 US states and territories: Alabama, California, Colorado, Connecticut, Florida, Georgia, Illinois, Maine, Maryland, Massachusetts, Minnesota, New Hampshire, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Rhode Island, Tennessee, Texas, Vermont, and Virginia.
According to his BrokerCheck report, Phillip Cheney has received one pending customer complaint.
In October 2016 a customer alleged Phillip Cheney, while employed at RBC Capital Markets, executed excessive trades in energy sector master limited partnerships, resulting in losses. The customer is seeking $350,000 in damages in the pending complaint.
Churning, or excessive trading, refers to the excessive execution of transactions in a customer account for the primary purpose of generating commissions. In churning cases, a broker does not buy, sell, or trade securities in order to advance a client’s investment goals. Instead, large volumes of transactions are made in order to increase fees and charges. Account churning generally arises in situations where a broker has the control over making investment transactions on a client’s account. Situations where this can occur usually involve discretionary or managed funds, or some margin funds. Brokers who engage in excessive trading may be subject to disciplinary action by FINRA or the Securities and Exchange Commission.
If you or someone you know has lost money investing with Phillip Cheney, 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.