The Frankowski Firm is currently investigating the potential claims of people of who lost money investing with Glenn Guthrie, a former broker with Raymond James Financial Services in Birmingham, Alabama.
According to FINRA’s BrokerCheck report, Guthrie is the subject of a customer complaint and an employment separation after allegations of selling away.
In 2015, a customer accused Guthrie of selling away while employed at Raymond James. The customer has asked for $1,490,000 in damages, plus interest. The customer complaint alleges that Guthrie described the investment as safe and one in which he had a personal investment, while Guthrie knew or should have known that the company was failing and did not own the legal rights to the technology it was marketing. Guthrie is also alleged to have advised the private company to take actions against the best financial interests of the customer in order to protect Guthrie’s own personal financial interests in the company.
Guthrie was removed from his position at Raymond James in 2015 following the selling away allegations.
FINRA rule 3040 forbids selling away. The rule states that “No person associated with a member shall participate in any manner in a private securities transaction” unless the transaction complies with numerous terms, including written authorization from the member firm. Brokers and investment advisers who violate this rule may be held subject to disciplinary action.
According to FINRA’s BrokerCheck report, Guthrie is currently not licensed to act as a broker or otherwise associate with firms that sell securities to the public. Guthrie spent 28 years in the securities industry and was registered with Raymond James in Birmingham, Alabama from 2008-2015. Previous registrations include Wachovia Securities in Birmingham (2003-2008); Prudential Securities in New York, New York (2001-2003); UBS Painewebber in Weehawken, New Jersey (2000-2001); JC Bradford & Company in New York (1994-2000); Smith Barney in New York (1991-1994); and JC Bradford in New York (1986-1991).
If you or someone you know has lost money as a result of an investment, please contact Richard Frankowski at 888-741-7503 to discuss your potential legal remedies or complete the contact form.