James Cox, a former broker with Sterne, Agee in Baton Rouge, Louisiana, entered into a Letter of Acceptance, Waiver and Consent (AWC) with the Financial Industry Regulatory Authority (FINRA). Allegedly, in the fall of 2014, Cox recommended to a 59-year-old customer that she swap a variable annuity and sell another variable product to fund the purchase of two fixed equity-indexed annuities and liquidate three more variable annuities. This generated $25,460 worth of commissions for himself and FINRA stated that Cox had no reasonable basis to recommend those products because the customer had a preference for strong income-stream growth potential. These exchanges also exposed the client to risky charges if she cashed in during the new seven-year surrender period that the new purchases triggered. Cox violated core suitability standards that hold brokers to a fiduciary standard.
According to his FINRA BrokerCheck report, Cox was registered with FSC Securities Corp in Atlanta, Georgia from August 1993 until March 1997, Securities America in Baton Rouge from March 1997 until February 2008, Stanford Group Company in Baton Rouge from February 2008 until March 2009, Sterne Agee in Baton Rouge from March 2009 until July 2015 and Stifel Nicolaus in Baton Rouge from July 2015 until April 2017. He has four customer disputes against him and is currently not registered within the industry. Please call our Chicago-based securities law firm today to find out how you may be able to sue Stifel Nicolaus on a contingency fee basis in order to recover your money. There is a statute of limitations on most cases so please call today. 312-332-4200.
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