Publicly available records provided by the Financial Industry Regulatory Authority (FINRA) on September 9, 2016 indicate that former Virginia-based Merrill Lynch broker Joshua Stamm is currently under investigation for allegations of misconduct. The securities and investment fraud law firm Fitapelli Kurta is interested in speaking to investors who have complaints regarding Mr. Stamm (CRD# 4557338).
Joshua Stamm has spent 13 years in the securities industry and was most recently registered with Merrill Lynch in Lynchburg, Virginia (2008-2016). Previous registrations include UBS Financial Services in Lynchburg, Virginia (2004-2008) and Edward Jones in St. Louis, Missouri (2002-2004). He is currently not registered with any state or firm.
According to his BrokerCheck report, Joshua Stamm is the subject of one regulatory investigation and was terminated from his position at Merrill Lynch.
In June 2016, Joshua Stamm was terminated from Merrill Lynch following allegations of “conduct including selling away, assisting a client in making credit arrangements outside the Firm and sending written correspondence without management review.”
In April 2016, the Virginia Division of Securities & Retail Franchising has named Joshua Stamm in an investigation into alleged misconduct. The investigation remains pending.
In 2008, a customer alleged Joshua Stamm, while employed at UBS Financial Services, invested his account in auction rate securities that he represented as “completely safe.” The customer sought unspecified damages in the complaint, which was closed.
“Selling away” refers to the purchase, solicitation, or sale by a broker of securities not offered by his/her member firm. Such transactions are typically also not included in the firm’s official records. Both FINRA rules and federal securities law forbid selling away: Perhaps the most important regulatory codification with respect to selling away is FINRA Rule 3040, which 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. Investment professionals who engage in selling away 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 Joshua Stamm, call the securities and investment fraud law firm Fitapelli Kurta at 877-238-4175 for a free consultation. You may be eligible to recoup your losses. Fitapelli Kurta accepts all cases on a contingency basis: Fitapelli Kurta only gets paid if and when you collect money. Time to file your claim may be limited, so we encourage you to avoid delay. Call 877-238-4175 now to speak to an attorney for free.